Eastern China’s rebar prices dropped on Friday April 16, losing the gains made on Tuesday and Wednesday, and narrowing up by just 10 yuan per tonne from last Friday’s price.
*** CHINA’S DOMESTIC REBAR
Eastern China (Shanghai): ۵,۰۰۰-۵,۰۳۰ yuan ($766-771) per tonne, down by 20 yuan per tonne
Northern China (Beijing) weekly assessment: ۵,۰۷۰-۵,۱۰۰ yuan per tonne, down by 70-80 yuan per tonne
For the past two or three months, there has been strong demand for rebar and China’s new construction starts by floor area in the first quarter totaled 361.63 million square meters, up by 28.2% year on year, according to the National Bureau of Statistics (NBS).
Infrastructure investment increased by 29.7% year on year in the first three month, NBS added.
But end users now feel prices are too high and have reduced their procurement rates awaiting lower prices.
The contractors are asking for lower prices to be able to maintain normal rates of construction work, an industry analyst said.
*** Market chatter for China’s rebar
“Trading houses are prudent about replenishment because they don’t think prices will pick up as sharply as they did in early April. And without active purchase by traders, rebar prices will be under pressure,” a trader in Shanghai said.
As of 3pm, steel billet was being traded at 4,960 yuan per tonne, including value-added tax, in Tangshan, unchanged from a day earlier.
*** Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 5,116 yuan per tonne on Friday, up by 9 yuan per tonne from a day earlier.
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