China's Rebar Price Hits 34-Month New Low

China's national average benchmark price for HRB 400 20mm dia rebar waned further to hit the recent 34-month low. It fell Yuan 29/tonne ($4.1/t) on day to Yuan 3,629t/t, including 13% VAT, as of February 28 on tepid downstream demand, according to Mysteel's data.

More significantly on the same day, rebar prices in East China plummeted substantially, with the price in Shanghai -- the largest long steel trading hub in East China -- slashed Yuan 80/t on day to Yuan 3,390/t, including 13% VAT, according to the data. The price cut in Shanghai underscores the prevalent pessimistic outlook of local traders amid poor sales when downstream construction projects showed no signs of recovery soon, Mysteel Global noted.

Meanwhile, national sales volume of chief long steel products including rebar, wire rod and bar-in-coil among 237 sampled traders reversed down 7.1% on day to 48,350 tonnes/day, hovering at a low level, according to Mysteel's daily transaction report.

Besides, Tangshan Q235 150mm square billet price, a crucial indicator to the country's steel market sentiment, also dived another Yuan 30/t on day to Yuan 3,030/t EXW, including 13% VAT, as of last Friday due to the weak performance of long steel market, the data showed.

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