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China's rebar production declines in january-february period

According to data released by the National Bureau of Statistics (NBS) on Wednesday, total rebar production in China dropped by 0.3% year-on-year to 32.1 million tons in the first two months of 2024. The decline can be attributed to the Chinese New Year holiday, weak demand in the construction sector, and the decrease in raw material prices.

China's rebar production declines in january-february period

Rebar produced during January-February accounted for 15% of China's total processed steel production. The utilization rate of rebar rolling capacity among 137 Chinese steel factories decreased to an average of 47.8%.

Regarding spot prices, as of February 29, the national price of HRB400E 20mm rebar, including 13% VAT, stood at 3,983 yuan/ton ($553/ton). This reflects a slight decrease compared to the end of last year, indicating a modest recovery in demand among construction contractors.

An survey conducted among 237 Chinese steel trading companies revealed a year-on-year decrease of 20.1% in the trading volume of rebar, rebar, and wire rods.

NBS statistics also showed a 29.7% decrease in newly initiated residential projects by floor area and a 20.5% decline in residential sales by floor area.

In conclusion, the decline in rebar production during the January-February period reflects weak demand in the construction sector and the decrease in raw material prices. Weakness in the real estate sector also adversely affects rebar production and steel consumption.

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