China’s domestic rebar market ended the week with increased prices in both eastern and northern regions, though prices were stable on Friday July 9.
Domestic
Eastern China (Shanghai): 5,020-5,050 yuan ($775-780) per tonne, unchanged
Northern China (Beijing) weekly assessment: 4,950-4,990 yuan per tonne, up by 170 yuan per tonne
Eastern rebar prices halted their rise on Friday due to weak demand but prices were 190 yuan per tonne higher than July 2, due to the past four days’ rise.
Some participants expect rebar prices to rise further in the next week due to concerns about an increasing number of steel mills possibly reducing production in the second half of 2021.
Others said that end user demand is very weak, so the supply cut will not push up prices.
New housing construction projects totaled 743.490 million square meters in the first five months of 2021, down by 6.81% from 797.84 million square meters in 2019, according to the National Bureau of Statistics.
Market chatter
“My sales volume in the past couple of days have dropped to half of the average level in June because of the rain in eastern China, where my target market is,” a trader in Shanghai
The weather forecast reports that rainfall in the eastern region will decrease in the next few days, but heavy rain in the central and southeast regions will continue.
Billet
As at 3pm, billet was being traded at 5,020 yuan per tonne, including value-added tax, in Tangshan, unchanged day on day.
Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 5,428 yuan per tonne on Friday, up by 35 yuan per tonne day on day.
این مطلب بدون برچسب می باشد.
ثبت دیدگاه