In the January-August period this year, China’s rebar production totaled 155.426 million mt, down 13.8 percent year on year, according to China’s National Bureau of Statistics (NBS).
In the first eight months, wire rod production amounted to 95.906 million mt, down 12.3 percent year on year.
In August alone, China’s rebar and wire rod production amounted to 19.252 million mt and 12.621 million mt, down 5.8 percent and 0.4 percent year on year, respectively.
Rebar prices moved on an overall downtrend in August, while the declining pace accelerated in late August, with the lowest level during the month at RMB 4,050/mt seen on August 31 and the highest level of RMB 4,250/mt observed on August 15, according to SteelOrbis’ data. Though market players had expected a better performance in September, rebar prices still fluctuated within a limited range up to mid-September amid the negative impacts of the Mid-Autumn Day holiday and typhoon Muifa.