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China’s Metals Market: Steel Prices Are Rising With Demand

Steel making

China’s major steel prices and sales all ease

On March 9, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment fell for the second working day, down by another Yuan 32/tonne ($5.1/t) on day to Yuan 4,995/t including the 13% VAT, and spot sales of construction steel including rebar also eased further by 6.3% on day, indicating the prevailing cautiousness in the market amid uncertainties.

China’s steel prices rise on demand

Over February 28-March 4, China’s major steel prices including rebar and hot-rolled coil (HRC) strengthened in both the physical and futures markets, and the market sentiment was boosted in response to the obvious demand revival, Mysteel Global noted.

China’s iron ore, coke prices all rise

Over February 28 – March 4, China’s prices of iron ore in both spot and futures markets strengthened after the previous week’s fluctuation, in response to recovering demand from steel producers and rising bulk commodity prices in the overseas market. Meanwhile, Chinese coke prices climbed for the second week, as coking plants in major regions had successfully lifted their merchant coke prices again with thinning profits, both according to Mysteel’s survey.

Source from mysteel.net

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