In early September (September 1-10) this year, the average price of 16-25 mm HRB 400 rebar in China rose by 1.3 percent to RMB 3,759.9/mt ($532.1/mt), compared to prices in late August (August 21-31), as announced by China’s National Bureau of Statistics. In the given period, wire rod gained 0.9 percent, while hot rolled coil (HRC) and 219 mm x 6 mm seamless steel pipe almost remained stable compared to late August.
The People’s Bank of China (PBC) announced on September 6 its decision to lower the required reserve ratio (RRR) for financial institutions by 0.5 percentage points as of September 16, stimulating ferrous metal futures prices in China to move up and exerting a positive impact on the finished steel market and market sentiments.
In the early September period, the average price of medium plate and angles were recorded at RMB 3,844.5/mt ($544.1/mt) and RMB 4,076.7/mt ($577/mt), down RMB 13.4/mt ($1.9/mt) and RMB 36.8/mt ($5.2/mt) or down 0.3 percent and 0.9 percent, respectively, compared to prices in late August.