In early November (November 1-10) this year, the average price in China of 16-25 mm HRB 400 rebar increased by 1.3 percent to RMB 3,801.2/mt ($543.0/mt), compared to prices in late October (October 21-31), as announced by China’s National Bureau of Statistics. In the given period, prices of wire rod and hot rolled coil (HRC) increased by 0.8 percent and 0.2 percent, while the prices of medium plate, seamless steel pipe and angles lost 0.6 percent, 0.4 percent and 0.2 percent, respectively, all compared to late October.
In the early November period, rebar futures at Shanghai Futures Exchange (SHFE) increased by 0.95 percent from RMB 3,380/mt to RMB 3,412/mt ($486.2), while the rebounding trend has continued in mid-November. Meanwhile, major Chinese steelmaker Shagang has raised its long steel ex-works prices by RMB 60/mt ($8.5) for mid-November, providing support for prices in the steel market.