The long product market in China has typically been at the forefront to price movements in China. Construction industry is the single biggest direct and derived consumer of steel prices in China.
The long product prices in China are under double pressure of reconstruction in Eastern China after the floods and severe clampdown by the government on emission leading to product pruning.
It is expected that the aggregate production of steel in China will recede by 25 million tonnes. The bulk of the flak will be borne by long product which is expected to recede by 70% whereas flat capacity will reduce by 30%.
Last week rebar prices saw the largest single week gain of almost 4% in 2010. Price was prevailing at CNY 4320 per tonne up by 5% WoW. By the close of last week, high speed rebar in size 6.5mm to 10mm was priced at CNY 4340 per tonne to CNY 4450 per tonne in Shanghai market whereas bigger size 18mm to 25mm at CNY 4250 per tonne to CNY 4300 per tonne.
The spike fuelled by power rationing resulted in a batch of mills suspending production.
Market insiders believed that the stocks of construction steel were on the wane, along with the decreasing supplies by the mills. At present there are some surplus stocks in Shanghai market which might keep the prices subdued however the future looks bright this autumn.
www.steelprices-china.com is a comprehensive service for tracking real time domestic steel prices and trends in China on daily basis.
The scope of service includes
1. Domestic pricing information in China
2. Export levels from Turkey, Rotterdam, China, India and Black Sea
The service is specifically designed to assist steel makers, traders, users and others connected with the industry to keep track of real time prices prevailing in the market and thus comprehensively evaluate steel pricing trends in the trend setting region
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1. Benchmark products in each category with fixed commonly used sizes and grades
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