Eastern China rebar prices were unchanged on Friday November 13 amid healthy demand ahead of the weekend despite early losses in the futures market. Spot prices in the region ended the week 170 yuan per tonne higher, however.
*** China rebar , Domestic
” Eastern China (Shanghai): ۴,۰۶۰-۴,۰۹۰ yuan ($614-619) per tonne, unchanged
” Northern China (Beijing) weekly assessment: ۳,۹۳۰-۳,۹۶۰ yuan per tonne, up by 170 yuan per tonne
End users raised their procurement rates for consumption over the weekend.
But a weakening of rebar futures in the morning made sellers keep spot prices flat to generate more sales. Rebar futures eventually recovered the losses to end the day slightly higher.
Market participants are not so bullish about prices in the second half of this month, with construction activity dropping gradually in the northern region as temperatures drop.
An industry analyst in Shanghai expects rebar output to remain high due to mills realizing profits of around 450 yuan per tonne.
*** China rebar , Export
” Fastmarkets’ steel reinforcing bar (rebar) index export, fob China main port: $۵۱۶٫۲۵ per tonne, unchanged
Market participants estimated mills’ workable prices at $510-525 per tonne fob during the day, unchanged from a day earlier.
But buyers were expected to be only willing to pay up to the equivalent of $480 per tonne fob, which made it unlikely for any transactions to take place.
Market chatter
“Government inspectors stepped up their inspections in a few major markets in the past two weeks, resulting in several mills recalling their products from the spot market. This is one reason for the lower inventory levels in the spot market besides good demand. Once these inspections are over, rebar stock levels will not decrease as quickly as they had in the past few weeks. This will weigh on rebar prices,” the industry analyst in Shanghai said.
*** Billet
As at 3pm, billet was being traded at 3,580 yuan per tonne including value-added tax in Tangshan, unchanged from a day earlier.
Rerolling mills in Tangshan are required to restrict production this week to cut emissions, which lowered their demand for billet. But prices for the semi-finished product were supported by the firm rebar market, sources said.
*** China rebar , Shanghai Futures Exchange
” The most-traded January rebar futures contract closed at 3,840 yuan per tonne on Friday, up by 8 yuan per tonne from a day earlier.
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