China construction steel daily recap – September 22

China construction steel daily recap – September 22

Shanghai construction steel prices declined comprehensively on Thursday (September 22), with HRB400 rebar prices seeing a large range of decrease. In Beijing, wire rod prices fell noticeably, while rebar prices remained constant. In Guangzhou, HRB335 rebar prices decreased slightly, while those of other specifications were weak. Transactions in all three markets picked up Compared to Wednesday, the average price of HRB335 rebar in Beijing, Shanghai and Guangzhou market was RMB 3’133/ ton ($386), down RMB 10/ton ($1); HRB400 rebar was RMB 3’287/ton ($405), down RMB 10/ton ($1); and Q235 high-speed wire rod was RMB 3’210/ton ($396), also down RMB 10/ton ($1). For details, please see the following: Shanghai Construction steel prices in the Shanghai market comprehensively declined on Thursday. HRB400 rebar showed a rapid decline of more than RMB 30/ton ($4). Few transactions were concluded after the price cut. For second-rate brand names, the prevailing market price for 20mm diameter HRB335 rebar was RMB 3’040/ ton ($375), down RMB 20/ton ($2) from Wednesday; 20mm HRB400 rebar was RMB 3’260/ton ($402), down RMB 30/ton ($4), and 6.5mm Q235 high-speed wire rod was RMB 3’270/ton ($403), down RMB 10/ton ($1). Upon opening on Thursday, traders decreased their price quotations for HRB335 rebar one after another by RMB 10/ton ($1); however, the actual deal price fell by RMB 20/ton ($2). HRB400 rebar price quotations fell RMB 10/ton ($1) upon opening. During the day, leading traders decreased their price quotations by an additional RMB 10/ton ($1) due to the low transaction volume. By the closing time, prices of MaSteel were down RMB 30/ton ($4), with 18-20mm diameter rebar ending the day at RMB 3’260/ ton ($402). For other brand names, traders were forced to follow suit and slash their prices between RMB 30-60/ton ($4-7). On Thursday, wire rod and high-speed wire rod prices witnessed slight declines. The price gap between wire rod and high-speed wire rod narrowed to RMB 30/ton ($4) due to the continuous price slide of high-speed wire rod in the past few days. Beijing In Beijing, Q235 wire rod prices continued to decline, while those of rebar remained unchanged. The prevailing market price of 20mm diameter HRB335 rebar was RMB 3’080/ton ($380), while that of 20mm HRB400 rebar was RMB 3’240/ ton ($400). The price of 6.5mm Q235 high-speed wire rod was RMB 3’060/ ton ($377), down RMB 20/ ton ($2). The actual deal price of HRB335 rebar remained constant at around RMB 3’080/ton ($380). There has been some improvement over the slight downward trend in daily prices of the last few weeks. Small diameter HRB400 rebar prices continued to present a downward trend, falling RMB 10/ton ($1) to RMB 3’270/ton ($403). Large diameter rebar remain unchanged. Prices of Q235 wire rod decreased by RMB 20/ton ($2) each day this week through Wednesday. On Thursday, wire rod prices exhibited a larger range of decline. The actual deal prices were down by RMB 30/ton ($4) to RMB 3’030/ ton ($374). Currently, the price trend of steel material points towards further decline. Some steelmakers have begun to decrease their output. On Tuesday (September 20), Chengde Steel began overhauling some of its production lines, an activity that is expected to last 28 days. Accordingly, September’s production is anticipated to be in the range of 35’000 tons. Guangzhou In the Guangzhou market, HRB335 rebar prices decreased slightly. Prices of other specifications were basically stable, and few transactions were concluded. For second-rate brand names, the prevailing market price of 20mm diameter HRB335 rebar was RMB 3280/ton ($404), down RMB 10/ton ($1) compared to Wednesday; 20mm HRB400 rebar was unchanged at RMB 3’360/ton ($414); and Q235 high-speed wire rod also remained unchanged at RMB 3’300/ton ($407). Some traders decreased their prices of HRB335 rebar by a small amount, while a majority kept their price quotations at Wednesday’s levels; however, the actual deal prices were weak. HRB400 rebar prices were quoted at different levels. Price quotations for Tangshan Steel’s 16-22mm products ranged between RMB 3’300-3’400/ton ($407-419). The prevailing deal price was at RMB 3’360/ton ($414); very few transactions were concluded below this level. Traders indicated that products from other regions arrived in Guangzhou in succession. Customers in downstream industries were more cautious when making their purchasing decisions under such market conditions. According to some traders, some construction sites will purchase steel material during the National Holiday, but the amount will not be a turning point for the sluggish market.