In mid-March (March 11-20) this year, the average price in China of 16-25 mm HRB 400 rebar increased by RMB 62.3/mt ($8.8/mt) or 1.8 percent to RMB 3,584.7/mt ($504.9/mt), compared to prices in early March (March 1-10), as announced by China’s National Bureau of Statistics. In the given period, prices of wire rod, medium plate, hot rolled coil (HRC) and angles in China decreased by 1.4 percent, 0.3 percent, 0.6 percent and 0.4 percent, respectively, while prices of seamless steel pipe decreased by 0.1 percent, all compared to early March.
Meanwhile, major Chinese steelmaker Shagang has raised its ex-works offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.05/mt), RMB 70/mt ($9.9/mt) and RMB 70/mt ($9.9/mt) for the March 21-31 period.
Nevertheless, the spread of the coronavirus worldwide has impacted the global economy and overall steel consumption. As a result, sentiments in China have also worsened somewhat. As of March 24, rebar futures at Shanghai Futures Exchange (SHFE) dropped by RMB 120/mt ($16.9/mt) or 3.5 percent to RMB 3,435/mt ($483.8/mt), as compared to March 17.
$1 = RMB 7.0999