In late August (August 21-31) this year, the average price in China of 16-25 mm HRB 400 rebar declined by 1.7 percent to RMB 3,711.5/mt ($523.8/mt), compared to prices in mid-August (August 11-20), as announced by China’s National Bureau of Statistics. In the given period, wire rod lost 1.3 percent, while medium plate, hot rolled coil (HRC) and angles respectively declined by 1.1 percent, 1.1 percent and 0.5 percent compared to mid-August.
Starting from September 2, due to the sharp rises of 5.97 percent seen in iron ore futures prices, ferrous metal futures prices in China have started to rebound, exerting a positive impact on the finished steel market. As a result, local Chinese steel prices will likely move upwards in September.
In the late August period, the average price of 219 mm x 6 mm seamless pipes was recorded at RMB 4,740.4/mt ($669.1/mt), up RMB 4.9/mt ($0.7/mt) or 0.1 percent compared to prices in mid-August.