Chinese rebar market inactive
2023-03-22 07:50:23 [Print]
BEIJING (Asian Metal) 22 Mar 23 - Discouraged by weak demand from downstream clients, Chinese rebar market ran slowly amid falling prices on Tuesday. The mainstream prices of rebar HRB400E Φ20mm hovered at RMB4,140/t (USD602/t) and RMB4,220/t (USD614/t) D/P in North China and East China respectively, both down by RMB50/t (USD7/t) from Monday. Given weakening market performance, insiders predict rebar prices would go down further in coming two days.
A trader in Beijing reported that he totally sold around 200t of rebar on Tuesday, down from 300t on Monday. He asked RMB4,170/t (USD607/t) for rebar HRB400E Φ20mm in the morning but failed to close a deal. He cut the price to RMB4,140/t (USD602/t) in the afternoon and sold around 40t of the material. "I last sold around 50t of the material at RMB4,190/t (USD610/t) on Monday," he said, adding that some traders showed less confidence in coming market and became more active in selling. Upon this situation, he predicts rebar prices would go down further in coming two days.
The company sold almost 25,000t of rebar in 2022 and its sales volume totaled roughly 3,500t in the first two months of this year. It would sell nearly 3,000t of rebar in March, up from 2,000t in February. It has an inventory of about 2,000t now.
A trader in Hangzhou, Zhejiang revealed that his sales volume reached around 300tpd this week, down by 100tpd from last week. He quoted RMB4,250/t (USD618/t) for rebar HRB400E Φ20mm this Tuesday but finally sold around 50t at RMB4,220/t (USD614/t). "I last sold about 60t of the material at RMB4,270/t (USD614/t) on Monday," he said, adding that more buyers began to watch the market when prices of raw materials continued falling. Seeing the market cool down, he is of the opinion that rebar prices would edge down further in coming two days.
Reporting a sales amount of nearly 200,000t in 2022, the company sold about 22,000t of rebar in the first two months of this year. It holds an inventory of roughly 6,000t at present, up by 1,000t from one week ago.
A trader in Beijing reported that he totally sold around 200t of rebar on Tuesday, down from 300t on Monday. He asked RMB4,170/t (USD607/t) for rebar HRB400E Φ20mm in the morning but failed to close a deal. He cut the price to RMB4,140/t (USD602/t) in the afternoon and sold around 40t of the material. "I last sold around 50t of the material at RMB4,190/t (USD610/t) on Monday," he said, adding that some traders showed less confidence in coming market and became more active in selling. Upon this situation, he predicts rebar prices would go down further in coming two days.
The company sold almost 25,000t of rebar in 2022 and its sales volume totaled roughly 3,500t in the first two months of this year. It would sell nearly 3,000t of rebar in March, up from 2,000t in February. It has an inventory of about 2,000t now.
A trader in Hangzhou, Zhejiang revealed that his sales volume reached around 300tpd this week, down by 100tpd from last week. He quoted RMB4,250/t (USD618/t) for rebar HRB400E Φ20mm this Tuesday but finally sold around 50t at RMB4,220/t (USD614/t). "I last sold about 60t of the material at RMB4,270/t (USD614/t) on Monday," he said, adding that more buyers began to watch the market when prices of raw materials continued falling. Seeing the market cool down, he is of the opinion that rebar prices would edge down further in coming two days.
Reporting a sales amount of nearly 200,000t in 2022, the company sold about 22,000t of rebar in the first two months of this year. It holds an inventory of roughly 6,000t at present, up by 1,000t from one week ago.
