Local Chinese steel prices move on overall downtrend in late October

Tuesday, 05 November 2019 14:01:24 (GMT+3)   |   Shanghai
       

In late October (October 21-31) this year, the average price in China of 16-25 mm HRB 400 rebar decreased by 1.3 percent to RMB 3,750.9/mt ($532.9mt), compared to prices in mid-October (October 11-20), as announced by China’s National Bureau of Statistics. In the given period, prices of wire rod, medium plate, hot rolled coil (HRC), seamless steel pipe and angles lost 1.7 percent, 0.7 percent, 0.9 percent, 0.9 percent and 0.8 percent respectively, compared to mid-October.

In the late October period, rebar futures at Shanghai Futures Exchange (SHFE) increased by 2.34 percent from RMB 3,290/mt ($465.5/mt) to RMB 3,367 ($477.4/mt), while decreases were still observed in the spot market. Meanwhile, major Chinese steelmaker Shagang has kept its long steel ex-works prices stable for early November, providing support for prices in the steel market. 

 


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