Chinese rebar prices down
2023-04-24 08:23:06 [Print]
BEIJING (Asian Metal) 24 Apr 23 - Discouraged by rising bearish sentiment from market participants, Chinese rebar prices went down faster and faster late last week. Last Sunday the mainstream prices of rebar HRB400E Φ20mm hovered at around RMB3,790/t (USD550/t) and RMB3,900/t (USD566/t) D/P in Beijing and Guangdong respectively, both down by RMB60/t (USD9/t) from last Friday. Given the slow market performance, insiders predict rebar prices would fall further in coming two days.
A trader in Beijing asked RMB3,800/t (USD551/t) for rebar HRB400E Φ20mm last Sunday and finally sold around 30t of the material at RMB3,790/t (USD550/t) to a regular client. "I sold around 40t of the material at RMB3,850/t (USD559/t) last Friday," he stated, adding that rebar prices totally declined by nearly RMB100/t (USD14.5/t) in recent three days. He revealed that his sales amount reached about 150tpd in recent two days, down from the regular level of 500tpd. Seeing the stagnant market performance, he is of the opinion that rebar prices would fall further in coming two days.
The company recorded a sales volume of roughly 80,000t in 2022 and almost 10,000t in the Q1 of this year. It estimated the sales amount would reach about 4,000t in April, down from 6,000t in March. It has an inventory of nearly 5,000t at present.
A trader in Guangzhou, Guangdong reported that he asked RMB3,920/t (USD569/t) for rebar HRB400E Φ20mm last Sunday and could accept a concession of no more than RMB20/t (USD3/t). "I last sold around 30t of rebar at RMB3,950/t (USD573/t) last Friday," he revealed, adding that his sales volume only totaled about 200t on Sunday, down from 300t on Friday. Given weakening market performance, he predicts rebar prices would soften further in coming two days.
Reporting a sales amount of roughly 120,000t in 2022, the company sold nearly 28,000t of rebar in the Q1 of this year. It would sell about 8,000t of rebar in April, down from 10,000t in April. Currently it holds an inventory of 7,000t or so.
A trader in Beijing asked RMB3,800/t (USD551/t) for rebar HRB400E Φ20mm last Sunday and finally sold around 30t of the material at RMB3,790/t (USD550/t) to a regular client. "I sold around 40t of the material at RMB3,850/t (USD559/t) last Friday," he stated, adding that rebar prices totally declined by nearly RMB100/t (USD14.5/t) in recent three days. He revealed that his sales amount reached about 150tpd in recent two days, down from the regular level of 500tpd. Seeing the stagnant market performance, he is of the opinion that rebar prices would fall further in coming two days.
The company recorded a sales volume of roughly 80,000t in 2022 and almost 10,000t in the Q1 of this year. It estimated the sales amount would reach about 4,000t in April, down from 6,000t in March. It has an inventory of nearly 5,000t at present.
A trader in Guangzhou, Guangdong reported that he asked RMB3,920/t (USD569/t) for rebar HRB400E Φ20mm last Sunday and could accept a concession of no more than RMB20/t (USD3/t). "I last sold around 30t of rebar at RMB3,950/t (USD573/t) last Friday," he revealed, adding that his sales volume only totaled about 200t on Sunday, down from 300t on Friday. Given weakening market performance, he predicts rebar prices would soften further in coming two days.
Reporting a sales amount of roughly 120,000t in 2022, the company sold nearly 28,000t of rebar in the Q1 of this year. It would sell about 8,000t of rebar in April, down from 10,000t in April. Currently it holds an inventory of 7,000t or so.
