In early February (February 1-10) this year, the average price in China of 16-25 mm HRB 400 rebar decreased by RMB 178.6/mt ($25.6/mt) or 4.7 percent to RMB 3,592.3/mt ($514.3/mt), compared to prices in late January (January 21-31), as announced by China’s National Bureau of Statistics. In the given period, prices of wire rod decreased by 3.6 percent, while prices of medium plate, hot rolled coil (HRC), seamless steel pipe and angles decreased by 3.0 percent, 6.0 percent, 0.4 percent and 1.9 percent, respectively, all compared to late January.
As of February 10, rebar futures at Shanghai Futures Exchange (SHFE) increased by RMB 69/mt or 8.02 percent to RMB 3,305/mt. Meanwhile, major Chinese steelmaker Shagang has held its offer prices for rebar, high-speed wire rod and bar-in-coil stable for February 11-20. All prices are on ex-works basis.
$1 = RMB 6.9843