The China Iron and Steel Association (CISA) has announced that in late January (January 21-31) this year the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.9929 million mt, up 0.92 percent compared to mid-January (January 11-20). The output has increased even despite the slowdown of trading activity due to the Chinese New Year holiday, which started on January 24. However, in February, steel production will post a drop due to the longer-than-expected holiday period, the slump in demand and the disruption of transportation in some areas due to the coronavirus.
The average rebar price in the Chinese domestic market has moved down after the long holiday due to the outbreak of the coronavirus in China. As of February 10, the average rebar price in the Chinese market was standing at RMB 3,660/mt ($523.6/mt), down RMB 143/mt ($20.5/mt) from February 3, according to SteelOrbis’ data.
$1 = RMB 6.9897