In the January-February period this year, China’s rebar production output totaled 33.867 million mt, down 4.7 percent year on year, according to the National Bureau of Statistics (NBS).
In the first two months this year, domestic wire rod production amounted to 21.877 million mt, up 3.3 percent year on year.
In the same period, China’s welded pipe output reached 7.612 million mt, up 7.0 percent year on year.
Rebar prices have mostly moved up in the given period, with the highest level of RMB 4,360/mt being seen on February 23, and the lowest level during the month of RMB 4,147/mt being seen on January 1-2, according to SteelOrbis’ data. Following the Chinese New Year holiday, market players expected good demand from downstream users due to the anticipated boom in construction activities amid the easing of Covid-19 measures, which contributed to the rises in rebar prices.