It is reported that Chinese construction steel price continues its soft movements, partly due to the slight correction after the previous robust increase. Market price in Eastern China increases only CNY 50 per tonne while that in the Northern China up CNY 100 per tonne to CNY 120 per tonne.
It is said the raining weather will soon come to southeast China and would drag down the market demand. By the end of Thursday, the average price of 20mm rebar in major Chinese cities posted at CNY 3660 per tonne up CNY 48 per tonne from the previous week. Insiders believe the price will remain in moderate momentum in the coming week and is possible to see downward correction in the second half of June.
In May, China’s rebar export to South Korea increased evidently, posting at 21,437 tonnes up by 388.6%MoM. Importers from South Africa also are looking for Chinese products with specification of 6mm-16mm. At the meanwhile, China’s importers have become more interested in Turkish materials. The latest price for Turkish products posts at USD 430 per tonne to USD 440 per tonne down USD 20 per tonne to USD 30 per ton from last week.