Posted on 30 Mar 2023
China's spot sales of construction steel including rebar bounced back above the 200,000 tonnes/day threshold again on March 28, or the fourth time so far this month, according to Mysteel's data. This also marked the first time the daily transaction volume topping the threshold within half a month.
On Tuesday, the country's daily trading volume of construction steel also comprising wire rod and bar-in-coil among the 237 steel trading houses nationwide under Mysteel's tracking reversed up by 11.6% or 20,903 t/d on day to reach 200,563 t/d.
Behind the improvement in steel sales yesterday was partially the rising operational rate at construction sites across China as the rainy weather in many parts of the country came to an end, in tandem with the support from speculative trading activities during the day, sources said.
The near-term outlook in China's steel market has also shown signs of stabilizing, as the most-traded May rebar contract on the Shanghai Futures Exchange moved up for the second day by Yuan 31/tonne ($/t) or 0.8% from Monday's settlement price when closing the daytime trading session of March 28 at Yuan 4,136/t.
As of the same day, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment also ended a nine-day decline, climbing by Yuan 6/t on day to Yuan 4,267/t including the 13% VAT.
Meanwhile, Mysteel SEADEX 62% Australian Fines rose by $2.25/dmt on day to $123.9/dmt CFR Qingdao as of March 28.
Source:Mysteel Global
