Posted on 09 Jan 2025
China's rebar market extended its downward trend on January 7, with both spot and futures prices retreating further, and trading of the long steel item in the physical market stayed dull.
The national price of HRB400E 20mm diameter rebar under Mysteel's assessment decreased for the fourth working day by Tuesday, losing another Yuan 10/tonne ($1.4/t) on day to sit at Yuan 3,450/t including the 13% VAT.
Meanwhile, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 Chinese trading houses Mysteel regularly tracks also eased by 4.1% on day to 91,708 tonnes/day on Tuesday.
Buyers generally remained cautious about winter restocking for rebar, while downstream demand for the long steel product further softened with the eight-day-long Chinese New Year holiday approaching, Mysteel Global learned.
Such a downtrend was also mirrored in the futures market, where major Chinese ferrous commodities all witnessed declines yesterday. On the Shanghai Futures Exchange, for example, the most-traded May rebar contract fell by 0.83% from the prior day's settlement price to close Tuesday's daytime trading session at Yuan 3,239/t.
Steel semis followed the downbeat sentiment as well, as the Q235 150mm square billet price in Tangshan in North China's Hebei province under Mysteel's assessment lost another Yuan 20/t on day to Yuan 2,970/t EXW including the VAT on Tuesday.
Source:Mysteel Global
