China’s rebar moved up on Monday August 3 amid rising futures stimulated by the release of positive economic data.
***Domestic
Eastern China (Shanghai): 3,640-3,670 yuan ($522-526) per tonne, up by 40 yuan per tonne
China’s manufacturing purchasing managers’ index was 51.1 points for July, up by 0.2 points from June, according to the National Bureau of Statistics. This is the fifth month that the index has been above 50%, which indicates growth in the sector.
It also shows that China’s economy continues to recover from the Covid-19 pandemic, which led to the bullish sentiment in the futures market, an industry analyst in Shanghai said.
Spot rebar prices surged in response to the strength in the futures market. Trading activity in Shanghai was higher than last Friday, a trader in the city said.
***Export
Fastmarkets’ steel reinforcing bar (rebar) index export, fob China main port: $478 per tonne, up by $8 per tonne
Fastmarkets’ index experienced its largest movement in weeks during the day due to the support of China’s domestic market.
Rebar offers were at $490-500 per tonne fob during the day, up by $5-10 per tonne from last week.
Market participants said they were expecting Chinese mills to take orders at no lower than $475 per tonne fob, up by $5 per tonne from last week.
Overseas buyers did not submit any bids, but sources said they were only willing to pay around $430 per tonne fob.
***Market chatter
“An industry research institute reported that the average selling price for new houses in 100 major cities in China was 15,528 yuan per square meter in July, up by 0.43% from June. Higher housing prices will encourage construction activity, so rebar demand will remain strong this month,” the industry analyst in Shanghai said.
***Billet
As at 3pm, billet was being traded at 3,420 yuan per tonne including value-added tax in Tangshan, up by 30 yuan per tonne from last Friday.
***Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 3,836 yuan per tonne on Monday, up by 59 yuan per tonne from last Friday.
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