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China’s Metals Market: Steel Prices Refresh Intra-year Highs

China’s Steel Market Trends

China rebar price pauses from rises, sales wobbly

On April 7, China’s national price of HRB400E 20mm dia rebar ended four working days of inclines, dipping by Yuan 12/tonne ($1.9/t) on day to reach Yuan 5,157/t including the 13% VAT, while spot sales of construction steel including rebar had been seesawing, reversing down 25% on day, both according to Mysteel’s tracking.

China’s steel prices refresh intra-year highs

China’s steel prices refreshed the highest so far this year as of April 2, a working weekend day in lieu of off-days during the Qingming Festival national holiday over April 3-5. However, steel demand and the market sentiment were still dampened by the country’s elevated fight against the pandemic, especially in Shanghai, a key steel trading and consumption center in East China.

China’s iron ore prices decrease, trading flat

Chinese prices of imported iron ore for both port inventories and seaborne cargoes decreased on April 7, with trading remaining flat throughout the day.

China mills’ steel stocks grow to 2-mth high

After the short-lived decrease over the prior week, inventories of the five major carbon steel products comprising rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate at the 184 Chinese steel mills under Mysteel’s survey resumed rising again over March 31-April 6, mounting by 3.5% on week to hit a two-month high of 6.5 million tonnes.

China steel export sales stable as prices firm

Export trading of Chinese steel remained generally stable and active over the past two weeks after the buying spree witnessed in early March. Chinese steel prices are still the lowest in the global steel market, a market source explained.

China’s retail steel stocks down albeit by just 7,100 t

Over April 1-7, finished steel inventories at Chinese trading warehouses under Mysteel’s tracking declined for the fifth straight week, despite down by a small 7,100 tonnes. Stocks of rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate among the surveyed traders in the 132 Chinese cities totaled 26.37 million tonnes as of April 7.

Source from mysteel.net

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