China construction steel daily recap – September 26

China construction steel daily recap – September 26

Prices in the Beijing, Shanghai and Guangzhou construction steel markets displayed varying trends on Monday. Prices of HRB335 rebar and wire rod in Beijing and HRB335 rebar in Shanghai all increased at least RMB 20/ton ($2). In Guangzhou, construction steel material prices declined pretty much across the board, especially HRB335 rebar. The average of HRB335 rebar prices in Beijing, Shanghai and Guangzhou was RMB 3’137/ton（$387), up RMB 4/ton compared to that of the previous trading day. The average of HRB400 rebar prices was RMB 3’270/ton ($403), down RMB 13/ton ($2), while Q235 high-speed wire rod rose RMB 4/ton to RMB 3’207/ton ($395). For details, please see the following: Shanghai Some traders in the local market stopped selling their products on Friday (September 23). Upon opening today, the price quotations of HRB335 rebar were up RMB 20-30/ton ($2-4), while the actual deal price rose RMB 20/ton ($2). Prices of HRB400 rebar and wire rod remained stable. Some traders held a “wait-and-see” attitude towards the market, and their price quotations followed the downward trend. When it approached closing time, a minority of traders had increased their prices slightly. The prevailing market price was up RMB 20/ton ($2) to RMB 3’070/ton ($379). Leading traders of MaSteel increased their prices for HRB400 rebar by RMB 10/ton ($1). The actual deal price for MaSteel’s 18-20mm product was RMB 3’250/ton ($401), which was equal to that of the previous business day. Price quotations of Pingxiang and other brand names remained unchanged, and the actual deal price remained at the level of the closing price of last week. Wire rod prices held steady. The mainstream price of Pingxiang’s 6.5mm high-speed wire rod was RMB 3’260/ton ($402). According to the statistics, by the end of last Friday rebar inventory in local market was up slightly to 240’000 tons. Wire rod inventory was about 60’000 tons, up 20’000 tons from the week before. Beijing Beijing construction steel prices sharply increased on Saturday (September 24) but fell slightly upon opening today. After the price reduction, prices of HRB335 rebar and wire rod showed an upward trend compared to the closing price of last week. HRB400 rebar price was equal to that of last Friday (September 23). The market was still not brisk. HRB335 rebar prices increased by RMB 40/ton（$5）. For 20mm rebar, price went up to RMB 3’120/ton ($385); however, hardly any transactions were concluded. Upon opening today, prices were quoted in different directions, with the gap reaching RMB 60/ton ($7) at one point. The prevailing market price for 18-25mm diameter rebar was RMB 3’100/ton ($382), a minor reduction compared to that of Saturday but still RMB 20-30/ton ($2-4) higher than that of Friday. On Saturday, HRB400 rebar prices rose RMB 20-30 ($2-4). However, today’s prices were back to the level of last Friday, and they remained stable throughout the whole day. In the current market, 25mm diameter HRB400 rebar was in short supply at the price of RMB 3’250/ton ($405), RMB 10-20/ton ($1-2) higher than that of 20mm diameter rebar. Q235 wire rod showed a RMB 30/ton ($4) increase. The price of high-speed wire rod was RMB 3’090/ton ($301). 6.5mm diameter rebar and wire rod were both in short supply. Guangzhou Prices in the Guangzhou construction steel market saw different trends, with the actual deal price decreasing comprehensively. Market conditions did not improve. Upon opening today, traders’ prices of HRB335 rebar were adjusted at different price levels. Leading traders of MaSteel slightly reduced their prices of 16-25mm rebar by RMB 10/ton ($1), while prices of other specifications were equal to the closing price of last week. Some traders raised their prices for products exempt from inspection by RMB 20/ton ($2). Prices of a majority of traders were slightly reduced. For Tangshan Steel, the decrease range was at RMB 30-50/ton ($4-6). Shaoguan Steel also reduced its price by RMB 20-30/ton ($2-4). HRB400 rebar saw a price trend similar to that of HRB335 rebar. Prices of MaSteel’s leading traders remained constant. For other traders, the actual deal prices decreased by RMB 20-40/ton ($2-5). Wire rod prices witnessed a minor price fall of RMB 20/ton ($2). For Beitai, its prices fell by RMB 50/ton ($6) to RMB 3250/ton ($401). According to some market players, prices were quoted towards different trends. As the “National Holidays” approach (October 1-7), traders held different attitudes towards the short-term price trend. Some traders tried to increase their prices, but the transaction situation was not good. Shaoguan Steel reduced its factory price for construction steel material. Rebar and wire rod prices were down RMB 50/ton ($6). 18-25mm diameter HRB335 rebar was RMB 3’300/ton ($407), and 6.5-10mm Q235 high-speed wire rod was RMB 3’260/ton ($402).