Chinese spot steel prices started to fall on Monday April 16 on
oversupply concerns and ex-works price cuts by some steel
Prices in major markets were either flat or lower, as end-users
became cautious about purchases.
In Beijing, spot prices for rebar were 4,250-4410 yuan
($671-696) per tonne, down by 20-30 yuan from last Friday.
Rebar prices in Shanghai were unchanged at 4,060-4,300 yuan per
"Some traders and stockists lowered their prices after they
realised buyers were holding back," a trader in Shanghai told
Further price drops are expected following the production boost
by steelmakers that pushed China's daily crude steel output
million tonnes in March.
Price cuts by several longs producers have also affected market
Four steel mills announced price cuts of 20-50 yuan per tonne
for rebar and wire rod, a trading source said.
Meanwhile, Wuhan Steel said on Monday that it will raise HRC
prices by 40 yuan per tonne for May shipments. Prices for hot
dipped galvanized coil and plate will go up by 60 yuan and 50
Prices of cold rolled coil, tin plate, electro-galvanized and
prepainted galvanized coil will be unchanged.
October rebar contracts on the Shanghai Futures Exchange
settled at 4,346 yuan per tonne on Monday, down by 37 yuan from
Raw materials markets in China remained stable on April 16.
Spot iron ore prices stood unchanged from last Friday's at
$150-151 per tonne cfr. In Tangshan, 150mm-diameter billet
remained at 3,800 yuan per tonne.