In mid-November (November 11-20) this year, the average price in China of 16-25 mm HRB 400 rebar increased by RMB 166.7/mt ($25.3/mt) or 4.3 percent to RMB 4,064.2/mt ($618/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, medium plate, hot rolled coil (HRC), seamless steel pipes and angles in China moved up by 4.9 percent, 0.8 percent, 2.0 percent, 0.5 percent and 1.5 percent, respectively, all compared to early November.
Nevertheless, the sentiment in the steel market in China has worsened this week as the approaching colder weather may hit construction activities and prices could come under pressure from oversupply.
$1 = RMB 6.5809