China’s domestic iron ore concs prices rise
Domestic iron ore prices generally rose in China’s major mining regions over August 1-5, as market sentiment had been buoyed by hopes of steelmakers resuming production and prompting domestic ore suppliers to raise offer prices, market sources said. The actual recovery in mills’ ore demand was limited, though.
China steel prices up further on fundamentals
Over August 1-5, China’s domestic steel prices comprising rebar and hot-rolled coil (HRC) increased further on week in both physical and futures markets. Chinese steel market fundamentals showed signs of improvement in general, despite the rise in output of some finished steel products, which was kept within a reasonable range, Mysteel Global noted.
China’s rebar prices ease further, sales rebound
As of August 5, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment eased for the second working day by another Yuan 9/tonne ($1.6/t) on day to Yuan 4,266/t including the 13% VAT, while spot sales of major construction steel products reversed from the prior day’s decline.
China traders’ stainless stocks increase 1%
Inventories of finished stainless steel at commercial warehouses in Wuxi and Foshan, China’s two core stainless trading hubs, recovered by 1% to 640,644 tonnes over July 29-August 4 from the prior week’s decline, according to Mysteel’s latest survey. The rise in stocks chiefly reflected the uptick in deliveries to traders’ warehouses and the users’ weak buying, according to survey respondents.
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