Chinese rebar market slow
2023-04-20 08:22:09 [Print]
BEIJING (Asian Metal) 20 Apr 23 - Due to weak demand from downstream industries, Chinese rebar market ran slowly this week. On Wednesday the mainstream prices of rebar HRB400E Φ20mm hovered at around RMB4,000-4,050/t (USD581-589/t) D/P, similar to Tuesday. As most market participants hold bearish attitudes towards the coming market seeing falling prices of raw materials, insiders predict rebar prices would edge down in coming days of this week.
A trader in Laiwu, Shandong reported that his daily sales amount reached about 80t this week, down from 120t three weeks ago. He asked RMB4,020/t (USD584/t) for rebar HRB400E Φ20mm on Wednesday and could accept a concession of no more than RMB10/t (USD1.5/t), the same as Tuesday. "I sold around 20t and 15t of the material at RMB4,010/t (USD583/t) on Tuesday and Wednesday respectively," he stated, adding that he remains cautious in restocks seeing the inactive market performance. He has an inventory of nearly 800t at present, down by 200t from one month ago. As raw materials' prices went down, he deems rebar prices would fall by around RMB20/t (USD3/t) in coming two days.
With a sales amount of almost 60,000t in 2022, the company sold nearly10,000t of rebar in Q1 of this year. It would record a sales amount of almost 3,000t in April, down from 4,000t in March.
A trader in Hangzhou, Zhejiang confirmed that the market ran inactively this week. He asked RMB4,050/t (USD588/t) for rebar HRB400E Φ20mm on Wednesday and finally sold around 50t at RMB4,040/t (USD587/t). "I increased prices by RMB30/t (USD4/t) on Tuesday morning and finally sold about 40t of the material at RMB4,040/t (USD587/t) on Tuesday afternoon," he stated, adding that his sales volume totaled nearly 300tpd this week, similar to last week while down from 400tpd in late March. Upon bearish sentiment from market participants, he is of the opinion that rebar prices would soften slightly in coming two days.
The company, reporting a sales amount of roughly 200,000t in 2022, sold about 30,000t of rebar in Q1 of this year. It estimated the sales volume would reach nearly 7,000t in April, down from 8,000t in March. It has an inventory of nearly 5,000t at present, similar to two weeks ago.
A trader in Laiwu, Shandong reported that his daily sales amount reached about 80t this week, down from 120t three weeks ago. He asked RMB4,020/t (USD584/t) for rebar HRB400E Φ20mm on Wednesday and could accept a concession of no more than RMB10/t (USD1.5/t), the same as Tuesday. "I sold around 20t and 15t of the material at RMB4,010/t (USD583/t) on Tuesday and Wednesday respectively," he stated, adding that he remains cautious in restocks seeing the inactive market performance. He has an inventory of nearly 800t at present, down by 200t from one month ago. As raw materials' prices went down, he deems rebar prices would fall by around RMB20/t (USD3/t) in coming two days.
With a sales amount of almost 60,000t in 2022, the company sold nearly10,000t of rebar in Q1 of this year. It would record a sales amount of almost 3,000t in April, down from 4,000t in March.
A trader in Hangzhou, Zhejiang confirmed that the market ran inactively this week. He asked RMB4,050/t (USD588/t) for rebar HRB400E Φ20mm on Wednesday and finally sold around 50t at RMB4,040/t (USD587/t). "I increased prices by RMB30/t (USD4/t) on Tuesday morning and finally sold about 40t of the material at RMB4,040/t (USD587/t) on Tuesday afternoon," he stated, adding that his sales volume totaled nearly 300tpd this week, similar to last week while down from 400tpd in late March. Upon bearish sentiment from market participants, he is of the opinion that rebar prices would soften slightly in coming two days.
The company, reporting a sales amount of roughly 200,000t in 2022, sold about 30,000t of rebar in Q1 of this year. It estimated the sales volume would reach nearly 7,000t in April, down from 8,000t in March. It has an inventory of nearly 5,000t at present, similar to two weeks ago.
