Chinese rebar prices down
2023-04-11 07:42:59 [Print]
BEIJING (Asian Metal) 11 Apr 23 - Discouraged by weakening confidence from traders and falling prices of raw materials, Chinese rebar prices went down this week. On Monday the mainstream prices of rebar HRB400E Φ20mm hovered at around RMB3,930-3,970/t (USD572-577/t) D/P, down by around RMB50/t (USD7/t) from last trading day. Given bearish attitudes from market participants, insiders predict rebar prices would fall further in following days of this week.
A trader in Handan, Hebei quoted RMB3,980/t (USD579/t) for rebar HRB400E Φ20mm on Monday and finally sold around 30t of the material at RMB3,950/t (USD574/t) in the afternoon. "I last sold around 15t of the material at RMB4,000/t (USD582/t) last Sunday," he said, adding that most traders tried to promote sales by cutting prices seeing continuous price decline in the futures market. However, buyers remained cautious in placing orders. His sales volume totaled about 120t on Monday, down from 150tpd late last week, while the regular sales amount used to hover around 200tpd. Seeing the slow market performance, he deems that rebar prices would decline further in coming two days.
The company witnessed a sales volume of almost 25,000t in 2022 and nearly 6,000t in the Q1 of this year. It estimated the sales amount would reach 2,500t or so in April, down from 3,000t in March. It has an inventory of roughly 2,000t at present.
A trader in Shenyang, Liaoning stated that he asked RMB3,980/t (USD579/t) for rebar HRB400E Φ20mm on Monday morning, but failed to close a deal. He had to lower prices again and again in the afternoon and finally sold around 10t of the material at RMB3,930/t (USD572/t). "I refused any bids lower than RMB3,980/t (USD579/t) last Sunday," he revealed, adding that raw materials like coke and iron ore fines all went down this Monday and bearish sentiment rose in the market. His sales amount totaled about 180t on Monday, down from the average level of 200tpd last week. Upon slow market performance, he is of the opinion that rebar prices would edge down further in coming two days.
Reporting a total sales amount of roughly 100,000t in 2022, the company sold around 22,000t of rebar in the first three months of this year. It estimated the sales volume would reach nearly 9,000t in April, down from 10,000t in March. It holds an inventory of 5,000t or so at present.
A trader in Handan, Hebei quoted RMB3,980/t (USD579/t) for rebar HRB400E Φ20mm on Monday and finally sold around 30t of the material at RMB3,950/t (USD574/t) in the afternoon. "I last sold around 15t of the material at RMB4,000/t (USD582/t) last Sunday," he said, adding that most traders tried to promote sales by cutting prices seeing continuous price decline in the futures market. However, buyers remained cautious in placing orders. His sales volume totaled about 120t on Monday, down from 150tpd late last week, while the regular sales amount used to hover around 200tpd. Seeing the slow market performance, he deems that rebar prices would decline further in coming two days.
The company witnessed a sales volume of almost 25,000t in 2022 and nearly 6,000t in the Q1 of this year. It estimated the sales amount would reach 2,500t or so in April, down from 3,000t in March. It has an inventory of roughly 2,000t at present.
A trader in Shenyang, Liaoning stated that he asked RMB3,980/t (USD579/t) for rebar HRB400E Φ20mm on Monday morning, but failed to close a deal. He had to lower prices again and again in the afternoon and finally sold around 10t of the material at RMB3,930/t (USD572/t). "I refused any bids lower than RMB3,980/t (USD579/t) last Sunday," he revealed, adding that raw materials like coke and iron ore fines all went down this Monday and bearish sentiment rose in the market. His sales amount totaled about 180t on Monday, down from the average level of 200tpd last week. Upon slow market performance, he is of the opinion that rebar prices would edge down further in coming two days.
Reporting a total sales amount of roughly 100,000t in 2022, the company sold around 22,000t of rebar in the first three months of this year. It estimated the sales volume would reach nearly 9,000t in April, down from 10,000t in March. It holds an inventory of 5,000t or so at present.
