Prices of long products such as rebar and wire rod are expected to be a bumpy week between on August 9-13 due to limited production and sluggish demand. Steelmakers' rebar inventories reversed last week after four weeks of decline, rising 271,900 tons week on week to 3.37 million tons on August 5, showing buyers' reluctance to buy more tonnage last week.
Hot rolled coil prices may soften in the week ending on August 13 as a result of stable output from mills and slow demand from end users. According to foreign sources, as of August 5, HRC inventories in commercial warehouses remained stable and decreased by 11,100 tons week on week to 4.1 million tons.
Cold rolled coil; As the narrow price difference between HRC and CRC supports CRC prices, the demand from end-users in the week until August 13 of the cold rolled coil price remains sluggish during the sluggish consumption period.
The price may lose some strength on August 13 as new orders from end users are likely to be insufficient while production is stable in the middle plate.
The price is expected to fluctuate in the week ending on August 13 as most end users and Traders take a cautious stance on buying in the off-season on August 8, the price of Q235 150mm square billet in Tangshan, northern China's Hebei province, fell 140 Yuan/ton ($21.7/t) week on week to Yuan 5,080/t EXW including 13% VAT.
Comments
No comment yet.