China construction steel daily recap – September 28

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 3’133/ton ($386), down RMB 7/ton ($1); HRB400 rebar was RMB 3’263/ton ($402), also down RMB 7/ton ($1); and Q235 high-speed wire rod was RMB 3’200/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 3’180/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 3’230/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 3’100/ton ($382). However, medium and small-scale traders sold their products at a lower price level. Guangzhou Ma Steel’s leading traders initiated a price cut for HRB335 rebar products by RMB 20/ton ($2) to RMB 3’230/ton ($398). The actual transaction price of Guangzhou Steel dropped RMB 10/ton ($1) to RMB 3’280/ton ($404). Tangshan Steel reduced its HRB400 rebar prices by RMB 20/ton ($2). 16-22mm diameter rebar prices were at RMB 3’300/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 Steel’s high-speed wire rod prices were at RMB 3’280/ton ($404). Wire rod prices slid RMB 10/ton ($1) to RMB 3’240/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.