China’s rebar price continues to rise, sales drop
As of May 30, China’s national price of HRB400E 20mm dia rebar price rose for the second day by another Yuan 13/tonne ($1.9/t) or 0.2% from May 27 to reach Yuan 4,778/t including the 13% VAT, while the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 Chinese trading houses reversed from the increase on May 27, down by 17,586 tonnes/day or 10.3% on day to 152,922 t/d, both according to Mysteel’s assessments.
China iron ore prices up, miners’ sales active
China’s prices of imported iron ore for both port inventories and seaborne cargoes strengthened further on May 30, with selling of seaborne cargoes by miners still relatively lively.
China steel prices continue softening
Over May 23-27, China’s spot steel prices including rebar and hot-rolled coil (HRC) decreased further despite the declines in output of these products, as market sentiment remained gloomy with steel futures prices weakening earlier over May 16-20 and lacklustre steel demand persisting, Mysteel Global noted.
China aluminum prices up on improved demand
Chinese aluminum market saw demand from end-users improve further over the past week, which then boosted the light metal’s prices, according to market sources on May 25.
Chinese copper prices grow on better demand
China’s spot prices of copper increased over May 16-20, in line with the rise in copper prices on the Shanghai Futures Exchange, chiefly because of better demand from end-users, according to Mysteel’s latest weekly survey.