Chinese rebar prices rose sharply on Friday December 18 in tandem with big gains in the steel futures market, ending the week with a total increase of 130 yuan per tonne in the country’s eastern region.
Eastern China (Shanghai): ۴,۳۳۰-۴,۳۶۰ yuan ($662-667) per tonne, up by 120 yuan per tonne
Northern China (Beijing) weekly assessment: ۳,۹۳۰-۳,۹۶۰ yuan per tonne, up by 90 yuan per tonne
Rain and low temperatures slowed down construction work in parts of eastern China and most parts of northern China. This slowed down buying activity.
Several contractors will start their year-end accounting from next week, a trader in Shanghai said. As such, their rebar purchases will decrease, he added.
But market participants do not expect rebar prices to drop anytime soon due to high production costs.
*** Chinese rebar , Export
Fastmarkets’ steel reinforcing bar (rebar) index export, fob China main port: $۵۷۹٫۱۷ per tonne, up by $10.42 per tonne.
A rebar producer in eastern China offered its product at $605 per tonne fob during the day, up by $10 per tonne from the past four days, sources said.
Other mills withdrew their offers with the plan to raise them next week, they said.
Market participants estimated that prices of around $580 per tonne fob were achievable on Friday.
*** Chinese rebar , Market chatter
“Spot market inventories are still higher than the same period of last year, so sellers still need to destock. The selling pressure may reduce the upward momentum of rebar prices,” an industry analyst said.
As at 3pm, billet was being traded at 3,720 yuan per tonne including value-added tax in Tangshan, up by 30 yuan per tonne from a day earlier.
Export offers were reported at around $550 per tonne fob. This is $20 per tonne higher compared with early this week.
*** Chinese rebar , Shanghai Futures Exchange
The most-traded May rebar futures contract closed at 4,316 yuan per tonne on Friday, up by 141 yuan per tonne from a day earlier.
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