China's Rebar Prices Reverse up, Sales Stable

China's national average benchmark price reversed up Yuan 8/tonne ($1.1/t) on day to Yuan 3,949/t, including the 13% VAT as of March 25, according to Mysteel's database. Sales stabilised with better trading on the same day.

As of March 25, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 major traders which Mysteel surveys regular inched down by 1,969 tonnes/day on day to reach 220,210 t/d. It remained stable above the 200,000 t/d threshold for a traditional peak season for steel consumption, according to Mysteel's daily transaction report.

"The recent active trading in the steel market gave some steel traders confidence and boosted the market sentiment," said a Shanghai-based market source. However, considering the high amount of steel inventories, traders are still under the pressure of limited cash flow, Mysteel Global noted.

On the same day, Tangshan Q235 150mm square billet price, another crucial indicator of the Chinese steel market sentiment, also increase for the second day. It increased another Yuan 30/t on day to Yuan 3,120/t EXW, including the 13% VAT, Mysteel's data showed.

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