Chinese rebar prices rise slightly
2023-03-28 07:49:12 [Print]
BEIJING (Asian Metal) 28 Mar 23 - After the total decline of around RMB120/t (USD17/t) last week, some buyers' bearish sentiment relieved this week and rebar prices in China went up slightly this Monday. The mainstream prices of rebar HRB400E Φ20mm hovered at RMB4,150/t (USD603/t) and RMB4,190/t (USD609/t) D/P in Shandong and Zhejiang respectively, both up by RMB20/t (USD3/t) from late last week. Given limited demand from buyers but firm prices of raw materials, insiders predict rebar prices would keep flat in coming two days.
A trader in Laiwu, Shandong stated that he asked RMB4,150/t (USD603/t) for rebar HRB400E Φ20mm on Monday and sold around 20t of the material at the price. "My clients refused to accept RMB4,140/t (USD601/t) last Sunday and I sold about 15t of the material at RMB4,130/t (USD600/t)," he said, adding that his sales amount reached about 120t on Monday, up from 100t from last week, while his sales volume could reach nearly 200tpd in early March. Upon firm prices of raw materials but limited demand from downstream industries, he deems rebar prices would stabilize in coming two days.
The company recorded a sales amount of almost 60,000t and 6,000t respectively in 2022 and in the first two months of this year. Its sales volume would hit around 4,000t in March, up from 3,000t in February. The company has an inventory of roughly 1,000t currently.
A trader in Hangzhou, Zhejiang confirmed the price rise. He quoted RMB4,190/t (USD609/t) without concession for rebar HRB400E Φ20mm on Monday and sold around 80t at this price. "I asked the same price last Sunday but close a deal of 50t at RMB4,170/t (USD606/t) finally," he said, adding that his sales volume reached about 500t on Monday, in line with late last week while down from 700t two weeks ago. Given low stock but limited demand from clients, he is of the opinion that rebar prices would level off in coming two days.
With a trading volume of nearly 200,000t in 2022, the company sold around 30,000t of rebar in the first two months of this year. It estimated the sales amount will reach almost 20,000t in March, up from 13,000t in February. It has an inventory of roughly 5,000t at present.
A trader in Laiwu, Shandong stated that he asked RMB4,150/t (USD603/t) for rebar HRB400E Φ20mm on Monday and sold around 20t of the material at the price. "My clients refused to accept RMB4,140/t (USD601/t) last Sunday and I sold about 15t of the material at RMB4,130/t (USD600/t)," he said, adding that his sales amount reached about 120t on Monday, up from 100t from last week, while his sales volume could reach nearly 200tpd in early March. Upon firm prices of raw materials but limited demand from downstream industries, he deems rebar prices would stabilize in coming two days.
The company recorded a sales amount of almost 60,000t and 6,000t respectively in 2022 and in the first two months of this year. Its sales volume would hit around 4,000t in March, up from 3,000t in February. The company has an inventory of roughly 1,000t currently.
A trader in Hangzhou, Zhejiang confirmed the price rise. He quoted RMB4,190/t (USD609/t) without concession for rebar HRB400E Φ20mm on Monday and sold around 80t at this price. "I asked the same price last Sunday but close a deal of 50t at RMB4,170/t (USD606/t) finally," he said, adding that his sales volume reached about 500t on Monday, in line with late last week while down from 700t two weeks ago. Given low stock but limited demand from clients, he is of the opinion that rebar prices would level off in coming two days.
With a trading volume of nearly 200,000t in 2022, the company sold around 30,000t of rebar in the first two months of this year. It estimated the sales amount will reach almost 20,000t in March, up from 13,000t in February. It has an inventory of roughly 5,000t at present.
