In June, China’s rebar and wire rod outputs totaled 24.755 million mt and 14.202 million mt, up 1.4 percent and down 3.3 percent year on year, while up 0.33 percent and down 5.43 percent month on month, respectively.
Though rebar production continued to increase in June, the pace of rise was much slower than in May.
Local rebar prices in China have seen an overall decreasing trend in June, falling to the lowest level of RMB 4,867/mt ex-warehouse during June 24-27 amid seasonal demand slowdown and ahead of the 100th Anniversary of the Communist Party of China, according to SteelOrbis’ data. Prices moved on an overall rising trend in July, which was supported by expectation of severe production cuts in H2.
In the January-June period this year, China’s rebar production totaled 136.25 million mt, up 11.2 percent year on year, 2.3 percentage points slower than the increase recorded in the first five months this year, according to China’s National Bureau of Statistics (NBS).
Wire rod production amounted to 82.925 million mt in the first six months, up 7.2 percent year on year, 5.0 percentage points slower than the increase seen in the first five months this year.