China construction steel daily recap September 28
Prices of
construction steel in Shanghai, Beijing and Guangzhou declined slightly on Wednesday.
In Shanghai,
wire rod prices decreased across the board, but demand picked up. HRB335
rebar and
wire rod in Beijing saw minor price reductions, while HRB400
rebar was relatively stable. Some of the products in Guangzhou fell slightly.
Compared to Tuesday, the average of HRB335
rebar prices in Beijing, Shanghai and Guangzhou was RMB 3133/ton ($386), down RMB 7/ton ($1); HRB400
rebar was RMB 3263/ton ($402), also down RMB 7/ton ($1); and Q235 high-speed
wire rod was RMB 3200/ton ($395), down RMB10/ton ($1).
Shanghai Price quotations of
rebar products were equal to those of yesterday.
Rebar prices were weak, and the actual deal prices were likely to continue their decline. Upon opening,
wire rod prices slid RMB 20/ton ($2) to RMB 3180/ton ($392). In the morning, high-speed
wire rod prices remained at the level of Tuesday, but the prevailing prices fell RMB 10/ton ($1) to RMB 3230/ton ($398) in the afternoon.
Traders indicated that the transaction situation got better compared to that of the previous week. Furthermore, the purchasing volume went up.
Beijing Leading traders quoted high prices in order to stabilize the market. The actual deal prices for 18-25mm diameter HRB335
rebar were at RMB 3100/ton ($382). However, medium and small-scale traders sold their products at a lower price level.
Guangzhou Ma Steels leading traders initiated a price cut for HRB335
rebar products by RMB 20/ton ($2) to RMB 3230/ton ($398). The actual transaction price of Guangzhou Steel dropped RMB 10/ton ($1) to RMB 3280/ton ($404).
Tangshan Steel reduced its HRB400
rebar prices by RMB 20/ton ($2). 16-22mm diameter
rebar prices were at RMB 3300/ton ($407). Other traders prices were weak and remained unchanged.
Wire rod prices saw a minor price cut of RMB 10/ton ($1), while those of high-speed
wire rod kept stable. Shanguan Steels high-speed
wire rod prices were at RMB 3280/ton ($404).
Wire rod prices slid RMB 10/ton ($1) to RMB 3240/ton ($400).
According to some traders, the capital was tight. As the National Holiday was approaching, some
construction sites stockpiled products and asked that they be allowed to fulfill their payment after the October holiday. Demand was restricted because traders would rather put their products on sale instead of taking financial risks.