China’s domestic rebar prices fell sharply on Monday June 21 amid weaker demand and declining iron ore futures.
Eastern China (Shanghai): ۴,۸۸۰-۴,۹۲۰ yuan ($754-761) per tonne, down 80-90 yuan per tonne
Some construction projects in several major Chinese cities, including Beijing and Shanghai, have stopped work ahead of July 1 celebrations marking the 100th anniversary of the founding of the Communist Party of China to perform safety checks, market sources said.
One of the sources said these projects would only resume work after July 5.
Transportation though big cities will be also influenced in the next two weeks due to increased security, a trader said.
Falling iron ore futures sparked bearish sentiment in China’s ferrous market, resulting in rebar futures following suit, which put additional pressure on rebar prices, sources said.
The most-traded September iron ore futures contract on the Dalian Commodity Exchange closed at 1,121 yuan per tonne on Monday, down by 82 yuan per tonne – or 6.82% – from last Friday.
“The major focus in the next few months is on whether steel production will be cut under the central government’s aim of having carbon emissions in the country peak in 2030 and of becoming carbon neutral by 2060. If there are cuts, the question of how much will be the main factor influencing steel prices,” an industry analyst said.
As of 3pm, billet was being traded at 4,900 yuan per tonne including value-added tax in Tangshan, down by 60 yuan per tonne from last Friday.
Shanghai Futures Exchange ***
The most-traded October rebar futures contract closed at 4,889 yuan per tonne on Monday, down by 172 yuan per tonne from last Friday.
این مطلب بدون برچسب می باشد.