In July this year, China’s rebar and wire rod outputs totaled 21.019 million mt and 13.516 million mt, down 12.5 percent and 8.2 percent year on year, while declining by 15.1 percent and 4.83 percent month on month, respectively, according to China’s National Bureau of Statistics (NBS).
Local rebar prices in China indicated an overall increasing trend in July, rising to the highest level of RMB 5,450/mt on July 30-31 amid decreasing outputs and increasing rebar futures prices, while they moved on an overall declining trend in August amid the sharp drop in rebar futures prices and worsening demand, according to SteelOrbis’ data.
In the January-July period this year, China’s rebar production totaled 157.454 million mt, up 7.2 percent year on year, four percentage points slower than the increase recorded in the first six months this year.
Wire rod production amounted to 96.372 million mt in the first seven months, up 4.7 percent year on year, 2.5 percentage points slower than the increase seen in the first six months this year.