In mid-November (November 11-20) this year, the average price in China of 16-25 mm HRB 400 rebar increased by 2.4 percent to RMB 3,894.1/mt ($553.5/mt), compared to prices in early November (November 1-10), as announced by China’s National Bureau of Statistics. In the given period, prices of wire rod and hot rolled coil (HRC) increased by 1.7 percent and 1.2 percent, while the prices of medium plate and angles lost 0.3 percent and 0.2 percent, respectively, though seamless steel pipe prices almost remained stable, all compared to early November.
In the mid-November period, rebar futures at Shanghai Futures Exchange (SHFE) increased by 7.74 percent from RMB 3,412/mt to RMB 3,676/mt ($522.73/mt), while the rising trend started to stagnate in late November following the previous sharp rises. Meanwhile, major Chinese steelmaker Shagang has raised its wire rod and bar-in-coil by RMB 150/mt ($21/mt) and increased its rebar prices by RMB 300/mt ($42/mt) for late November, which will provide support for prices in the domestic steel market.