Chinese rebar prices increase
2015-07-30 08:57:36 [Print]
BEIJING (Asian Metal) 30 Jul 15 - The price of rebar shows an upward trend in Chinese leading markets at the moment. As the supply of rebar is relatively tight in many regions and traders are not very eager to reduce stocks, participants show some optimism for the outlook of the market. Insiders deem that it is likely that prices of rebar will go up further in coming two days.
A trader in Tianjin reveals that the price of HRB400E Φ20-22mm from HBIS is RMB1,920/t (USD309/t) net weight and VAT included, increasing by RMB10/t (USD2/t) compared with that of last trading day.
“Beijing will adopt a specific air quality control plan for the military parade celebrating the 70th anniversary of victory in World War II. Some steel mills in Hebei province have received the notice asking them to reduce or suspend production during the celebration to be held on September 3,” he says, adding that participants predict that the inventory of rebar in Tianjin will see a downward trend in the coming month and most traders are not very eager to sell goods at the moment. In addition, the price of steel billet in Tangshan, Hebei Province went up by RMB20/t (USD3/t) on Wednesday afternoon, so that he predicts prices of rebar will follow suit in the coming day.
A trader in Shanghai reports to Asian Metal that the price of rebar HRB400 Φ18-22mm from Shagang Steel is RMB2,020/t (USD325/t) theoretical weight and VAT included, up by RMB60/t (USD10/t) compared with that of last trading day.
According to the source, traders can only get 35% of the regular agreement quantity from Shagang Steel in August as the mills will set more materials apart for exporting business in the coming month. “Some traders have stopped offering quotations for materials from Shagang Steel since Tuesday and I will do that in the short term,” he says, predicting that the supply of rebar will be relatively tight in the near future and it is likely for the price to further increase in coming two days.
A trader from a large-sized company in Guangzhou, Guangdong Province says that the price of rebar HRB400 Φ18-25mm from Shaoguan Steel is RMB2,170/t (USD350/t) net weight and VAT included, RMB20/t (USD3/t) higher than that of last trading day.
As he explains, affected by the price increase in other leading markets such as Shanghai and Hangzhou, traders in Guangzhou lifted quotations slightly to test the market tentatively. The activity in local market does not increase at the moment. The source reveals that his current daily trading volume is around 800 tons, almost the same as that in the previous week. As traders in some other regions are encouraged in lifting prices, the source does not think the price of rebar will come down in his local market in the short term.
A trader in Tianjin reveals that the price of HRB400E Φ20-22mm from HBIS is RMB1,920/t (USD309/t) net weight and VAT included, increasing by RMB10/t (USD2/t) compared with that of last trading day.
“Beijing will adopt a specific air quality control plan for the military parade celebrating the 70th anniversary of victory in World War II. Some steel mills in Hebei province have received the notice asking them to reduce or suspend production during the celebration to be held on September 3,” he says, adding that participants predict that the inventory of rebar in Tianjin will see a downward trend in the coming month and most traders are not very eager to sell goods at the moment. In addition, the price of steel billet in Tangshan, Hebei Province went up by RMB20/t (USD3/t) on Wednesday afternoon, so that he predicts prices of rebar will follow suit in the coming day.
A trader in Shanghai reports to Asian Metal that the price of rebar HRB400 Φ18-22mm from Shagang Steel is RMB2,020/t (USD325/t) theoretical weight and VAT included, up by RMB60/t (USD10/t) compared with that of last trading day.
According to the source, traders can only get 35% of the regular agreement quantity from Shagang Steel in August as the mills will set more materials apart for exporting business in the coming month. “Some traders have stopped offering quotations for materials from Shagang Steel since Tuesday and I will do that in the short term,” he says, predicting that the supply of rebar will be relatively tight in the near future and it is likely for the price to further increase in coming two days.
A trader from a large-sized company in Guangzhou, Guangdong Province says that the price of rebar HRB400 Φ18-25mm from Shaoguan Steel is RMB2,170/t (USD350/t) net weight and VAT included, RMB20/t (USD3/t) higher than that of last trading day.
As he explains, affected by the price increase in other leading markets such as Shanghai and Hangzhou, traders in Guangzhou lifted quotations slightly to test the market tentatively. The activity in local market does not increase at the moment. The source reveals that his current daily trading volume is around 800 tons, almost the same as that in the previous week. As traders in some other regions are encouraged in lifting prices, the source does not think the price of rebar will come down in his local market in the short term.
