China steel prices fall further, faster
China’s domestic steel prices including those of rebar and hot-rolled coil (HRC) declined further and at a faster pace in the spot market over June 20-24, Mysteel’s assessments show. Sentiment was rather pessimistic, with prices of raw materials and ferrous futures decreasing during the earlier part over June 13-17, Mysteel Global noted.
China’s rebar output drops 6% to a 3.5-mth low
Over June 16-22, rebar production among China’s 137 steelmakers under Mysteel’s tracking had fallen for the second week and at a faster pace of 5.7% or 174,300 tonnes on week, hitting a 3.5-month low of 2.88 million tonnes, against the minor 0.1% on-week dip over June 9-15. The latest result was also 23.7% lower than the corresponding period of last year.
China’ rebar price up another $5/t, sales recover
On June 27, China’s national HRB400E 20mm dia rebar price assessed by Mysteel had increased for the second working day by another Yuan 33/tonne ($4.9/t) from last Friday to reach Yuan 4,319/t and including the 13% VAT. And spot sales of construction steel had been seesawing for nearly half a month, with the volume reversing up 17% from June 24.
China import iron ore prices rebound, sales dull
China’s imported iron ore market saw prices for both port inventories and seaborne cargoes reverse up on June 27 after the decrease of June 24, while trading activities in both markets remained dull.
China’s copper price plunges on dull demand
Chinese spot prices of copper plunged over June 13-17, in line with softening copper prices on the Shanghai Futures Exchange (SHFE), chiefly because of dull demand from end-users, according to Mysteel’s latest weekly survey.