Posted on 16 Dec 2024
China's rebar market strengthened again on December 12, with both prices and spot transactions of the long steel product climbing amid improved sentiment.
On Thursday, China's national price of HRB400E 20mm diameter rebar under Mysteel's assessment stood at Yuan 3,533/tonne ($485.9/t) including the 13% VAT, up by Yuan 11/t from the prior day.
Market expectations regained steam around the two-day China's annual Central Economic Work Conference over December 11-12 which concluded with top leaders pledging more proactive and impactful policies to boost economic growth, Mysteel Global noted.
In the derivatives market, major Chinese ferrous commodities all logged gains on Thursday. On the Shanghai Futures Exchange, for example, the most-traded rebar contract for delivery in May 2025 rose by 0.59% from Wednesday's settlement price to close the daytime trading session at Yuan 3,428/t yesterday.
Amid such optimism, four steel mills raised their rebar quotations by Yuan 10-30/t yesterday, and end-users became more active in making purchases. The daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese trading houses Mysteel tracks jumped by 15.9% on day to reach 123,041 tonnes/day on Thursday.
Semis prices also gained ground on the same day, with the Q235 150mm square billet price in Tangshan in North China's Hebei province under Mysteel's assessment up by Yuan 10/t on day to Yuan 3,140/t EXW including the VAT.
Source:Mysteel Global
