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Chinese domestic prices of rebar should continue tracking upward over the short term as market players envisage the robust demand for the construction steel product continuing to linger, market sources shared on April 24. But they warned that prices were unlikely to refresh last December's 74-month high anytime soon.
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The Purchasing Managers' Index (PMI) for the steel industry in North China's Hebei province, the country's core steel production base, dropped by 2.24 basis points month on month to 47.6 in February, falling below the threshold of 50 for the fifth consecutive month, according to a March 1 release by Hebei Metallurgical Industry Association.
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Daily crude steel output among China's major steel mills reverted down by 1.26% or 22,500 tonnes/day from January 11-20 to around 1.76 million t/d over January 21-31, according to the latest statistics released by the China Iron and Steel Association (CISA) on February 12.
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Taiwan's biggest steel producer, China Steel Corp (CSC), is in the process of relining its No.3 blast furnace since October as planned, and the maintenance will last until end of February, a company official confirmed Tuesday.
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China's blast furnace capacity utilization rate may refresh new lows in the coming weeks as many more steel mills will join in the blast furnace annual maintenance on the weekend of November 25-26, Mysteel understands from the market.
