China's rebar production increased

China produced 21.1 million tonnes of rebar in April, up 2.1% y-o-y but down 9.4% m-o-m.

The monthly decrease in rebar output is said to be due to production cuts at several electric arc furnace producers, which have suffered from reduced profit margins on rebar sales and slower-than-expected recovery in demand from contractors.

China's local HRB400E 20mm diameter rebar HRB400E price decreased by 415 Yuan/tonne ($59.1/t) from end-March to 3,877 Yuan/t including 13% VAT.

China's finished steel output increased 5% y-o-y to 119.95 million tonnes in April. Over the past four months, output reached 446.36 million tonnes, up 5.2% y-o-y, data showed.