Chinese rebar market warms up
2023-03-02 08:29:01 [Print]
BEIJING (Asian Metal) 2 Mar 23 - After the price decline of about RMB40/t (USD6/t) from last Thursday to this Tuesday, Chinese rebar market showed some signals of warming up this Wednesday amid slight price rise. The mainstream prices of rebar HRB400 Φ20mm hovered at RMB4,150-4,250/t (USD601-615/t) D/P, up by RMB20/t (USD3/t) from Tuesday. Though the demand from downstream clients remained weak, prices of raw materials kept firm. Insiders predict rebar prices would remain flat in coming two days.
A trader in Tianjin stated that his sales volume reached nearly 500t on Wednesday, up from 400t on Tuesday. He maintained quotation stable at RMB4,150/t (USD601/t) without concession for rebar HRB400E Φ20mm on Wednesday morning and sold about 50t of the material. He tried to hike prices by RMB20/t (USD3/t) in the afternoon and finally sold about 20t of the material at RMB4,170/t (USD604/t). As he revealed, the demand did not pick up obviously and the market performance would weaken when prices were pulled up further. He is of the opinion that rebar prices would level off in coming two days.
The company recorded a sales amount of nearly 180,000t in 2022 and about 25,000t in the first two months of this year. It holds an inventory of roughly 5,000t at present, up by 1,000t from one week ago.
A trader in Hangzhou, Zhejiang province reported that his sales volume reached about 550t on Wednesday, up by around 150t from Tuesday. "We refused bids lower than RMB4,250/t (USD616/t) and sold around 80t of rebar HRB400 Φ20mm at the price on Wednesday, while we could accept bids no less than RMB4,230/t (USD613/t) on Tuesday," he said, adding that the demand from downstream clients remained weak while steel mills would try to lift prices to avoid potential losses. He deems that rebar prices would stabilize in coming two days.
Reporting a sales amount of roughly 200,000t in 2022, the company sold about 16,000t of rebar in February, up from 10,000t in January. It has an inventory of nearly 8,000t at present.
A trader in Tianjin stated that his sales volume reached nearly 500t on Wednesday, up from 400t on Tuesday. He maintained quotation stable at RMB4,150/t (USD601/t) without concession for rebar HRB400E Φ20mm on Wednesday morning and sold about 50t of the material. He tried to hike prices by RMB20/t (USD3/t) in the afternoon and finally sold about 20t of the material at RMB4,170/t (USD604/t). As he revealed, the demand did not pick up obviously and the market performance would weaken when prices were pulled up further. He is of the opinion that rebar prices would level off in coming two days.
The company recorded a sales amount of nearly 180,000t in 2022 and about 25,000t in the first two months of this year. It holds an inventory of roughly 5,000t at present, up by 1,000t from one week ago.
A trader in Hangzhou, Zhejiang province reported that his sales volume reached about 550t on Wednesday, up by around 150t from Tuesday. "We refused bids lower than RMB4,250/t (USD616/t) and sold around 80t of rebar HRB400 Φ20mm at the price on Wednesday, while we could accept bids no less than RMB4,230/t (USD613/t) on Tuesday," he said, adding that the demand from downstream clients remained weak while steel mills would try to lift prices to avoid potential losses. He deems that rebar prices would stabilize in coming two days.
Reporting a sales amount of roughly 200,000t in 2022, the company sold about 16,000t of rebar in February, up from 10,000t in January. It has an inventory of nearly 8,000t at present.
