China's national HRB400E 20mm diameter rebar price continued to decline on the fifth business day on November 5, reaching a four-month low of RMB 5,016/t ($784/t) including 13% VAT, Mysteel reported. According to sources, this was one Yuan 68/ton lower on the day, reflecting the pessimism prevailing in the domestic market with sluggish demand from end users.
The mood in the domestic steel market remained negative as demand appears to weaken further with the cold winter season fast approaching in many regions, especially in northern China.
For delivery in January 2022, the top-traded rebar futures price on the Shanghai Futures Exchange fell again on November 5, closing the day trading session at RMB 4,247/t, down 25 Yuan/ton from the settlement price the previous day.
Chinese billet prices are stable
As of November 7, the price of Tangshan Q235 150mm square billet in North China's Hebei remained unchanged at Yuan 4,900/tonne EXW and at the same level since October 27, including 13% VAT, according to Mysteel's data.
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