China’s domestic rebar prices edged up on Friday June 4 on stronger demand ahead of the weekend, ending the week 200-yuan-per-tonne above the previous Friday’s close in the eastern region, sources said.
Domestic
Eastern China (Shanghai): 5,030-5,060 yuan ($785-790) per tonne, widening upward by 10 yuan per tonne.
Northern China (Beijing) weekly assessment: 5,160-5,200 yuan per tonne, up by 160-170 yuan per tonne.
Futures prices gains and a drive to replenish inventories to meet the weekend’s demand led to buyers raising procurement rates, sources said.
The October rebar futures contract hit a high of 5,275 yuan per tonne almost immediately after opening on Friday, up by 127 yuan per tonne from Thursday’s close, but then retreated amid deflated buying interest, sources said.
Adverse weather will affect end-user demand in June but contractors may increase working hours if the weather is clear, sources said.
After being behind schedule in May, contractors of housing projects in China need to push forward on their projects this month, a Shanghai trader said.
Market chatter
“The 40 listed housing companies completed the financing of 44 billion yuan in May, down by 27.40% year on year and down by 28.48% from April. Under tighter capital flow, housing companies won’t raise the inventories of construction materials, including rebar,” an industry analyst said.
Billet
As of 3pm, billet was being traded at 5,000 yuan per tonne (including value-added tax) in Tangshan, up by 10 yuan per tonne from June 3.
Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 5,159 yuan per tonne on Friday, up 11 yuan per tonne from Thursday.
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