According to the figures of the China Iron and Steel Association, production in the country was approximately 76.3 million tons in November 2023, and thus total production reached 950 million tons in the first eleven months of 2023.
Looking at the country's exports, an increasing momentum was also seen. In the first eleven months of 2023, shipments increased by 35% compared to last year and were recorded at 82 million tons.
Iron ore, while fluctuating in China, improved on hopes the government will increase economic stimulus. Experts reported that with the arrival of winter, raw material stocks will increase and iron ore prices will continue to rise.
Iron ore, the most traded commodity in May on the Dalian Commodity Exchange (DCE), is currently up 1.52% at 969.5 yuan ($135.12) per metric ton, following a 0.37% drop the day before. reached the level.
While rebar fell to 560 USD on Monday, December 11, it was updated horizontally on Tuesday, December 12. Looking at today's updated data, it was seen that it reached the level of 562 USD.
In addition, the May 2024 rebar contract on the Shanghai Futures Exchange was seen closing at 4,059 Yuan/ton ($557), up 34 CNY/ton from the previous day.
While rebar stocks were 3.55 million tons before December 8, they decreased to 3.49 million tons currently.
Although HRC (hot rolled coil) started the week at 569 USD on Monday, December 11, it fell to around 567 USD on Tuesday, December 12.
Looking at the current situation, HRC increased to 572 USD today. According to the information SteelRadar received from market experts; The improving demands in Asia and Europe and the increase in raw material prices were seen as the reasons for today's price increase. It was also stated that factories in China currently want to raise their prices because they have been working with low numbers for a long time.
Demand increases in hot rolled coil are expected to continue until January 2024.
In addition, the May 2024 hot rolled coil contract on the Shanghai Futures Exchange increased by 26 Yuan/ton and reached 4,134 Yuan/ton ($581).
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