From May 20 to May 24, the average price of 25 mm third-grade rebar in 69 major markets across China reached 4,022 yuan/ton (565 USD), an increase of 42 yuan (6 USD) compared to the previous week. The high-end HPB300φ6.5mm increased by 41 yuan (5.77 USD) on a weekly basis to 4,217 yuan/ton (593 USD).
It appears that construction steel prices are rising across the country. While prices offered by steel producers, especially in the north, increased steadily, futures in the south led this increase and fluctuated upwards.
When the general trend was examined, it was observed that raw material prices (ore and coke) increased and final product prices also increased.
According to the tracked inventory data, as of May 23, the total rebar inventory in Shanghai decreased by 17,200 tons weekly, decreasing by 4.10% to 402,500 tons. Stocks decreased by 83,800 tons, a decrease of 17.23% compared to the same period last year. This week, rebar stocks on the Shanghai stock exchange continued their monthly decline, while the annual decline rate also increased.
In the future, steel prices are expected to continue their volatile course. Changes in raw material prices and market demand will play an important role in determining prices.
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