Rebar prices continue heading down in Shanghai

Rebar prices continue heading down in Shanghai

The price of 28mm diameter HRB400 rebar was down RMB 20-40/ton Friday due to high inventory levels. The mainstream market price of 28mm diameter HRB400 rebar was RMB 3390/ton, which was RMB 50/ton lower than that of 32mm diameter bar. Prices in the market showed a downward trend. For second-rate brand names, the mainstream market price for 20mm diameter HRB335 rebar was RMB 3150/ton; for 20mm HRB400 rebar, RMB 3380/ton; and for 6.5mm Q235 high-speed wire rod, RMB 3350/ton. The above-mentioned prices were down RMB 10/ton compared to Thursday. By the end of Thursday, the price of HRB335 rebar had fallen for 16 consecutive days. The price of 20mm diameter HRB335 rebar was down RMB 120-130/ton, while prices for HRB400 rebar and wire rod were relatively stable. A majority of the construction projects started during Spring Festival period have been completed recently. There have been few new construction projects, which is one of the important factors contributing to the decline in demand for construction steel material. Mr. Liu Zhifeng, Vice Minister of Construction, expressed that there were still some obvious problems in the real estate industry. Although measures taken were effective to a certain degree, the growth rate of investment in the real estate industry in several regions was high and prices were still at a high level. $1 = RMB 8.09650