China domestic rebar prices moved up sharply on Monday February 22 amid a return of end users in the market, which raised demand and made market participants bullish.
Domestic
Eastern China (Shanghai): ۴,۶۰۰-۴,۶۴۰ yuan ($709-715) per tonne, up by 130-140 per tonne
More end users returned to the market from their Chinese New Year break during the day, which strengthened demand for rebar significantly.
Steel futures and billet prices rose on news that Tangshan would tighten steelmaking restrictions from Tuesday onward to improve air quality.
Rebar prices rose in response to these gains.
Market participants expect the upward momentum for rebar prices to be sustained, with more construction projects set to resume work next week.
Market chatter
“Because prices increased sharply, buyers mostly purchased in limited quantities to cater to their daily consumption rather than replenish their inventories. Rebar prices may not rise as much as today over the next few days,” a trader in Shanghai said.
Billet
As at 3pm, billet was being traded at 4,250 yuan per tonne including value-added tax in Tangshan, up by 110 yuan per tonne from last Friday.
Imported billet was offered at $590-600 per tonne cfr China on Monday, but these have yet to translate into actual transactions.
The last deals heard were concluded last week at $580-585 per tonne cfr.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 4,582 yuan per tonne on Monday, up by 58 yuan per tonne from last Friday.
Eastern China (Shanghai): ۴,۶۰۰-۴,۶۴۰ yuan ($709-715) per tonne, up by 130-140 per tonne
More end users returned to the market from their Chinese New Year break during the day, which strengthened demand for rebar significantly.
Steel futures and billet prices rose on news that Tangshan would tighten steelmaking restrictions from Tuesday onward to improve air quality.
Rebar prices rose in response to these gains.
Market participants expect the upward momentum for rebar prices to be sustained, with more construction projects set to resume work next week.
Market chatter
“Because prices increased sharply, buyers mostly purchased in limited quantities to cater to their daily consumption rather than replenish their inventories. Rebar prices may not rise as much as today over the next few days,” a trader in Shanghai said.
Billet
As at 3pm, billet was being traded at 4,250 yuan per tonne including value-added tax in Tangshan, up by 110 yuan per tonne from last Friday.
Imported billet was offered at $590-600 per tonne cfr China on Monday, but these have yet to translate into actual transactions.
The last deals heard were concluded last week at $580-585 per tonne cfr.
Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 4,582 yuan per tonne on Monday, up by 58 yuan per tonne from last Friday.
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