April 2017 | Steel Forecaster
Rebar prices begin to retreat as demand-side fundamentals wane: International Long Product Market Analysis
So far this year, Chinese rebar and, to a lesser extent, wire rod producers have limited the impact of seasonally weak demand by slashing production more than usual.
Chinese rebar prices declined further by RMB 141/t, to RMB 3347/t this week, taking Metal Bulletins assessments from an equivalent of $506/t down to $487/t ex-warehouse (incl. sales taxes). In fact, Eastern Chinas steel major Shagang has made big cuts to the list prices for its long steel products for late April rebar at RMB 3,350/t and wire rod at RMB 3,410/t over the April 21-30 period, down 250 yuan ($36) and 180 yuan ($26) per tonne, respectively, from its mid-April price levels. The drop in domestic prices indicates the comparatively weak nature of Chinese demand, which...
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