Posted on 13 Jan 2025
China's spot rebar market saw continued declines for the seventh consecutive working day as of January 10, along with a reduction in its already-low trading volume on the same day.
According to Mysteel's assessment, the national price of HRB400E 20mm dia rebar decreased by a modest Yuan 3/tonne ($0.4/t) from the previous day, reaching Yuan 3,420/t on January 10.
Meanwhile, the spot trading volume of construction steel, including rebar, wire rod, and bar-in-coil, resumed its downward trend on Friday, as some end-users stepped into holiday mode and construction activities reduced ahead of the Chinese New Year holiday in late January.
Mysteel's regular survey of the 237 trading houses across China revealed a 4.8% daily drop in their construction steel trading, with the volume averaging 77,502 tonnes/day on January 10.
However, the pace of the decline in spot rebar prices slowed on Friday, as compared to the Yuan 13/t drop on the previous day. This was partly due to a sign of stabilization seen in the rebar futures, Mysteel Global noted.
On the Shanghai Futures Exchange, the most-active May rebar contract nudged up by Yuan 1/t compared to Thursday's settlement price, closing Friday's daytime trading session at Yuan 3,202/t.
For the semi-finished steel sector, billet prices in major steel hubs also showed signs of recovery over the weekend. Mysteel's latest assessment revealed that the Q235 150mm square billet price in North China's Tangshan rose by Yuan 30/t from Friday, reaching Yuan 2,960/t EXW, including VAT, on Sunday.
Source:Mysteel Global
