China’s steel prices recover, sales dull
China’s major steel prices including rebar and hot-rolled coil (HRC) strengthened over November 7-11, as market sentiment was bolstered by the easing in U.S. consumer inflation and the Chinese government’s optimizations to COVID prevention and containment measures last week, Mysteel Global noted.
China iron ore prices up, spot coke eases
China’s prices of iron ore and coke, two major steelmaking raw materials, moved in opposite directions over November 7-11, with the former rebounding amid improved market sentiment stimulated by the Chinese government’s optimizations to COVID prevention and containment measures, while the latter easing further, Mysteel Global noted.
China rebar price, sales recover on better sentiment
China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reversed from the prior day’s dip by Yuan 17/tonne ($2.4/t) on day to Yuan 3,922/t including the 13% VAT on November 11, and spot sales of construction steel also marked a strong rebound after two days of declines, both in response to improved market sentiment.
Tangshan billet prices edge up, demand remains weak
Mysteel’s assessment of the Q235 billet price in North China’s Tangshan edged up Yuan 10/tonne ($1.4/t) from November 6 to Yuan 3,520/t EXW and including the 13% VAT as of November 13. Re-rollers in Tangshan slightly increased their procurement of raw materials last week, though their demand for billets remained lackluster overall, according to market sources.
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