China's rebar price up, sales hit intra-year high

On September 27, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment recovered by Yuan 26/tonne ($3.6/t) from the prior day to Yuan 4,148/t including the 13% VAT, while spot sales of construction steel soared to reach the highest so far this year.

On Tuesday, the trading volume of construction steel including rebar, wire rod and bar-in-coil among 237 Chinese trading houses under Mysteel's tracking jumped by 47,547 tonnes/day or 21% on day to 276,754 t/d.

The market sentiment was largely boosted by the continuous improvement in steel trading this week, as end-users procure actively to meet their restocking demand prior to China's National Day holiday over October 1-7, Mysteel Global learned.

Other than strengthening spot rebar prices, the most-traded rebar January contract on the Shanghai Futures Exchange closed the daytime trading session higher on Tuesday, up by Yuan 86/t or 2.3% from the settlement price on Monday to Yuan 3,837/t, also touching a new high since September.

As for semis, the Tangshan Q235 150mm square billet price in North China's Hebei province under Mysteel's assessment increased by another Yuan 30/t from Monday to Yuan 3,680/t EXW including the VAT as of Tuesday.

Written by Winnie Han, hanyueran@mysteel.com

Edited by Zhenqi Yang, yangzhenqi@mysteel.com

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