The price of domestic rebars in eastern China on Friday, June 11, rose by $ 6 this week due to market participants’ concerns about production restrictions to control prices, which was almost unexpected due to the stabilization of world prices. In the following, we will evaluate China’s trading statistics in the rebar and other steel products sector. The information in this report is based on the latest news published by Metal Bulletin Analysis Magazine. Stay tuned to Artan Press.
*** China Rebar Domestic Trading Statistics
In East China and the Shanghai market, exchange rates in the range of 5,070-5,100 yuan ($ 797-798) increased by 70 yuan per ton. This is despite the fact that in the Beijing area, rebar trading in the range of 5,070 to 5,120 yuan per ton, has decreased by 80-90 yuan per ton.
Market participants have stated that more areas are imposing production restrictions on steel mills to improve air quality as well as tangshan. A businessman in Shanghai has informed Tianjin, Jiangsu and Zhejiang officials that he is planning to cut production. Environmental restrictions in China appear to be being seriously pursued by the government. However, no official announcement has been made by the government yet.
*** Control of steel prices in the Chinese market
An industry analyst told Metal Bulletin that it makes sense for local governments to cut steel production because they need to be committed to their goals of reducing carbon emissions. In a way, this policy has overcome revenue generation in the current context. . This shows that China considers pollution as a strategic threat to its country. Market concerns about this issue have pushed up rebar prices in local and futures markets, leading to more demand for compensation before a longer official holiday in China.
*** China rebar market whispers
Rumors in the Chinese market indicate that rebar prices will not rise as they did in early May, as the government will not take serious action to prevent the usual increase in market changes. This is essential for the sustainable development of downstream industries. This classic lack of entry and dealing with the steel market could have good results for China. East China rebar prices once rose to 8,000-830 yuan per tonne to a record high of 6,000-6,030 yuan per tonne on May 12 from 5,180-5,200 yuan per tonne on April 30. 2710-4,710-4,740 yuan per tonne decreased.
*** Evaluate billet transactions
As of 3pm yesterday, June 11, Bilt has been trading at 5,010 yuan per tonne, including VAT, up 30 yuan per tonne from yesterday.
*** Shanghai Futures
October rebar futures traded at 5322 yuan per tonne on Friday, up 154 yuan per tonne from the previous day.
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