The Chinese steel market had an endearing week 44 with distinct price improvements in long and flat products. Across all regions the prices showed affirmative movements. The rebar prices improved by up to 4% whereas HRC prices improved by up to 2%.
The price movements although not unexpected there was uncertainty about its timings given the week tidings in market. The entire autumn proved to be a washout despite prophecies of revival as extraneous factors played the dampener.
Off late a renewed vigor in capacity elimination and spike in iron ore prices recently has set a positive momentum in the market
By weekend 20mm HRB 335 rebar averaged CNY 4370 per tonne in the major domestic markets, up CNY 89 per tonne WoW and 400 rebar averaged CNY 4533 per tonne in the major domestic markets, up CNY 84 per tonne WoW.