In the January-October period this year, China’s rebar production totaled 198.344 million mt, down 13.8 percent year on year, according to China’s National Bureau of Statistics (NBS).
In the first ten months, Chinese wire rod production amounted to 119.558 million mt, down 8.4 percent year on year.
In October alone, China’s rebar and wire rod production amounted to 20.936 million mt and 11.746 million mt, up 7.6 percent and 1.5 percent, year on year, respectively.
Rebar prices in China moved on a downtrend in October, with the lowest level of RMB 3,787/mt seen on October 31 and the highest level of RMB 4,223/mt recorded on October 11, according to SteelOrbis’ data. Rebar prices have bottomed up in November amid the increasing trend of rebar futures prices as China has issued policies to boost the real estate industry and ease Covid-19 restrictions.