China's rebar, billet prices gain, sales down

On August 24, Mysteel's assessments showed that China's national HRB400E 20mm dia rebar price increased for the second working day by Yuan 17/tonne ($2.6/t) to Yuan 5,290/t, and Q235 150mm square billet in North China's Tangshan moved up Yuan 20/t on day to Yuan 4,930/t EXW, both including the VAT, while spot sales of construction steel fell for the second day, indicating the uncertainties in the market.

On Tuesday, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among China's 237 traders under Mysteel's tracking dropped further by 32,416 tonnes/day or 14.1% on day to 197,352 t/d.

Chinese market sources were still uncertain whether or how substantially China's spot steel demand will revive in the traditional consumption peak season over September-October, and price fluctuation has also intensified the market cautiousness in trading.

In tandem with the strengthening in spot steel prices, the most-traded January 2022 rebar contract on the Shanghai Futures Exchange gained for the third trade day on August 24, up Yuan 122/t or 2.4% from the prior day's settlement price to close the daytime trading session at Yuan 5,235/t.

On Tuesday, Mysteel SEADEX 62% Australian Fines rebounded by $12.8/dmt on day to $147.5/dmt CFR Qingdao.

Written by Rong Zhang, zhangronga@mysteel.com

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