China Rebar Price Touches 2-Month Low, Stocks Up

China's national HRB400 20 mm dia rebar benchmark price showed no signs of recovery yet, down for the twelfth working day as of December 26 to its two-month low of Yuan 3,824/tonne ($546.9/t) including the 13% VAT, after having lost another Yuan 19/t on day, and stocks at the traders have piled up over the week, indicating a slow-down in demand.

Anaemic steel trading over the past few days saw steel stocks at both Chinese steel mills and trading houses accumulated, and the inventories of five major steel products including rebar and wire rod in 35 monitored cities rose 3.1% on week to 7.72 million tonnes, being faster than the 0.7% week-on-week rise for the previous week, according to Mysteel's survey.

Among the 35 cities, Hangzhou in East China and Guangzhou in South China were among the top two with the highest increases in rebar stocks on week, with the former up 62,400 tonnes and the latter up 44,500 tonnes, according to Mysteel Global noted, partly due to the constant delivery of steel producers from North to South China, as reported.

On Thursday, the trading volume of construction steel consisting of rebar, wire rod and bar-in-coil across 237 Chinese steel traders totaled 145,418 tonnes/day, which reversed up 13% on day from its ten-month low, according to Mysteel's daily market tracking.

On Thursday, Mysteel's Tangshan Q235 150mm billet price reversed down again on Thursday by Yuan 10/t on day to Yuan 3,300/t EXW and including the 13% VAT.

This article has been published under an article exchange agreement between Mysteel Global and SteelMint.