Guangzhou construction steel prices dip

Guangzhou construction steel prices dip

Guangzhou construction steel prices declined on Friday after Guangdong Steel announced price reductions on Thursday. Prices in the Beijing and Shanghai markets were stable, and the transaction volume in Shanghai picked up slightly. The average price of HRB335 rebar in Beijing, Shanghai and Guangzhou market was RMB 3’253/ton, dropping RMB10/ton from Thursday. HRB400 rebar carried a price of RMB 3’380/ton, also down RMB10/ton, while Q235 high-speed wire rod was at RMB 3’320/ton, down RMB7/ton. For details, please see the following: Shanghai Construction steel prices in Shanghai were basically stable, but not uniform. The transaction volume slightly increased. For second-rate brand names the prevailing market price of 20mm HRB335 rebar was RMB 3’120/ton ($385); for 20mm HRB400 rebar, RMB 3’350/ton ($414); and for 6.5mm Q235 high-speed wire rod, RMB 3’320/ton ($410). Leading traders’ price quotations of HRB335 rebar were not uniform. Hubao’s price quotations were high due to its low inventory. Ma Steel’s prices declined following the downward price trend, while the prices for other brand names remained constant. The current HRB400 rebar inventory was lower than normal. It is expected that products of Ma Steel will arrive in Shanghai within the next two days. Recently, there has been a strong demand for 32mm diameter HRB335 and HRB400rebar. Beijing Prices in the Beijing market were basically stable. Price quotations of HRB335 rebar were not uniform. Some small diameter HRB335 rebar showed slight declines. The mainstream market price of 20mm diameter HRB335 rebar was RMB 3’240/ton ($400); for 20mm diameter HRB400 rebar, RMB3’330/ton ($411); and for 6.5mm Q235 high-speed wire rod, RMB 3’280/ton ($405). Friday’s price quotations from Beijing’s leading traders were relatively stable; however, those of medium and small-scale traders were not uniform. Some traders quoted low prices in order to get more orders. 12-14mm small diameter rebar posted minor decline in prices. For other specifications, prices remained unchanged. Insiders were not very clear about the recent market trend and thus they held a conservative view towards the future of the market. Traders’ way of doing business was different from that of the last few days. Recently, traders have focused on moving their inventory. Few traders have been stockpiling product. Guangzhou Yesterday, Guangdong Shaoguan Steel decreased its prices for rebar and wire rod by RMB 60/ton. Its price for 6.5-10mm Q235 high-speed wire rod was RMB3’370/ton ($416), while the price for 18-25mm diameter rebar stood at RMB 3’420/ton ($423). On Thursday afternoon, some traders lowered their prices after Shaoguan decreased its prices. Traders were late in quoting their prices on Friday. There were very few transactions, and traders lowered their prices by about RMB 20/ton. The current wire rod inventory is high, but high-speed wire rod by Shaoguan Steel is in small quantity. According to some traders, the demand has been weak thus far. Recently, the actual deal price would further decrease in the afternoon after traders quoted their prices. Therefore, traders have tended to hold off on quoting their prices. By closing time, the price of 20mm diameter rebar price for second-rate brand names was RMB 3’400/ton ($420); for 20mm HRB400 rebar, RMB 3’440/ton ($425); and for Q235 high-speed wire rod, RMB 3’360/ton ($415). The above-mentioned prices were down RMB20/ ton. RMB 8.09450 = $1 SteelOrbis Shanghai Office