China construction steel daily recap – September 20

China construction steel daily recap – September 20

Construction steel prices on Tuesday declined slightly in the Beijing and Shanghai markets. Prices remained stable for the most part in the Guangzhou market. Few transactions were concluded in the three markets. Compared to Monday, the average of prices of 20mm diameter HRB335 rebar in the Beijing, Shanghai and Guangzhou markets slid RMB 17/ton to RMB 3’150/ton ($388). The average of HRB400 rebar prices fell RMB 4/ton to RMB 3’313/ton ($409), while that of Q235 high-speed wire rod fell RMB 10/ton to RMB 3’230/ton ($398). For details, please see the following: Shanghai Prices in the Shanghai market continued to show slight declines. For second-rate brand names, the prevailing market price for 20mm diameter HRB335 rebar was down RMB 20/ton to RMB 3’060/ton ($377); 20mm diameter HRB400 rebar was down RMB 10/ton at RMB 3’310/ton ($408); and 6.5mm Q235 high-speed wire rod was down RMB 10/ton at RMB 3’290/ton ($406). Prices of HRB335 rebar from third-rate brand names began to fall on Monday. Upon opening on Tuesday, traders followed the downward trend. Furthermore, leading traders of Ma Steel and Pingxiang Steel started decreasing their price quotations for HRB400 rebar. According to the statistics, by the end of last Friday (September 16), rebar inventory in the local market was 234’000 tons, up 7’000 tons from the previous week. Wire rod inventory was 41’000 tons, down 3’000 tons from the previous week. Beijing In the Beijing market, Q235 wire rod and HRB335 rebar prices posted minor declines. HRB400 rebar prices were basically stable, and very few transactions were concluded. Compared to Monday, the prevailing market price of 20mm HRB335 rebar was RMB 3’080/ton ($380), down RMB20/ton ($2); 20mm diameter HRB400 rebar was unchanged at RMB 3’250/ton ($401); 6.5mm Q235 high-speed wire rod slid RMB 20/ton ($2) to RMB 3100/ton ($382). On Tuesday, traders’ prevailing price quotations were around RMB 3’100/ton ($382); actual deal prices, however, were relatively weak. For bulk orders, the price was RMB 3’050-3’060/ton ($376－377). It was reported that the current HRB335 rebar inventory structure was reasonable thanks to last week’s additions. HRB400 rebar prices remained stable. One exception was 28-32mm diameter rebar, which saw a RMB10/ton（$1）decrease to RMB 3’280/ton ($404) because of the added stock. Q235 wire rod prices, which were weak, saw minor declines. The current wire rod inventory is reportedly at a normal level; however, demand is weak. Guangzhou HRB335 rebar prices witnessed slight declines in the Guangzhou market. Wire rod and HRB400 rebar prices were stable even though there were few transactions concluded. Compared to Monday, the prevailing market price of second-rate brand name 20mm diameter HRB335 rebar was down RMB 20/ton at RMB 3’300/ton ($407); 20mm diameter HRB400 rebar was steady at RMB 3’380/ton ($417); and Q235 high-speed wire rod also held steady at RMB 3’320/ ton ($409). For HRB335 rebar, prices of Shaoguan Steel and Tangshan Steel decreased, while those of Ma Steel and Pingxiang Steel remained constant. The transaction volume of HRB335 rebar reportedly increased by a small amount on Tuesday. HRB400 rebar prices were equal to those of Monday. According to market players, the current HRB400 rebar inventory is low. Moreover, some specifications, such as 18mm diameter rebar, are in short supply. Wire rod prices were relatively stable. Prices of Beitai’s products were higher than in previous days. For high-speed wire rod, prices started to fall today, and the actual deal prices were RMB50/ton lower than those of Shaoguan Steel and Pingxiang Steel. According to some traders, demand in Guangzhou was weak. There are not many large projects in Guangzhou, thus making it hard for traders to sell their products.