In early August (August 1-10) this year, the average price in China of 16-25 mm HRB 400 rebar declined by 3.2 percent to RMB 3,883.3/mt ($554.8/mt), compared to the price in late July (July 21-31), as announced by China’s National Bureau of Statistics. In early August, the price of wire rod declined by 2.4 percent, while average medium plate, hot rolled coil (HRC) and angle prices went down by 0.9 percent, 1.4 percent, and 0.4 percent, respectively, from late July levels.
At the same time, the average price of 219 mm x 6 mm seamless pipes was recorded at RMB 4,722.7/mt ($667.9/mt), up RMB 27.5/mt ($3.6/mt) or 0.6 percent compared to prices in late July.
Market participants expect that the soft trend of finished steel prices will likely continue due to slack demand from downstream industries.