Chinese rebar prices moved up sharply on Thursday November 5 following the release of data indicating a drop in output and inventory levels in the past week.
*** Chinese rebar , Domestic
- Eastern China (Shanghai): 3,870-3,900 yuan ($579-583) per tonne, up by 40-50 yuan per tonne
Falling rebar output and inventories took pressure off prices, market sources said.
A total of 3.59 million tonnes of rebar were produced in China in the week to Thursday, down by 41,000 tonnes from the preceding week.
The mills’ stock levels totaled 2.30 million tonnes on Thursday, down by 271,000 tonnes from a week earlier, while those in the spot market amounted to 8.94 million tonnes, down by 877,000 tonnes week on week, an industry analyst said, quoting statistics from a local information provider.
But he pointed out that mills might raise their output soon amid growing healthy profits, which are around 250 per tonne now compared with about 150 yuan per tonne at the end of October.
*** Chinese rebar , Export
- Fastmarkets’ steel reinforcing bar (rebar) index export, fob China main port: $493.75 per tonne, up by $1.25 per tonne
Market participants were largely expecting mills to sell rebar at no lower than $495 per tonne fob amid domestic increases, though a few said they anticipated them to sell as low as $490 per tonne fob.
*** Chinese rebar , Market chatter
“My customers slowed down their procurement in the afternoon when prices rose to 3,900 yuan per tonne. They are not too bullish about further price increases because the low season will start soon,” a trader in Shanghai said.
As at 3pm, billet was being traded at 3,500 yuan per tonne including value-added tax in Tangshan, up by 20 yuan per tonne from a day earlier.
*** Shanghai Futures Exchange
The most-traded January rebar futures contract closed at 3,748 yuan per tonne on Thursday, down by 5 yuan per tonne from a day earlier.
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