Rebar prices in China hit their lowest level in the past three weeks

Rebar prices in China showed a steady downward trend last week, reaching the lowest level in the past three weeks.

As of March 8, 2024, rebar prices stood at $503.00 per ton, down from $519.00 per ton on March 1. This indicates a decrease of nearly 3% in prices over the past week.

Rebar prices in China have been continuously declining since February 14. The $503 recorded on March 8 is the lowest level observed since February 14.

According to a weekly survey of 137 Chinese steel producers, conducted from February 29 to March 6, production ofrebar increased by 4.8% compared to the previous week, reaching 2.2 million tons, with an additional 101,700 tons. Respondents noted that some mini plants resumed full operations after the Chinese New Year, and several blast furnaces were gradually restarted during the week.

However, during the research period,rebar production showed a significant decrease compared to the same week last year, with a total decline of 16.3%. While producers in Eastern, Central, and Northeastern China reported weekly increases inrebar production, several factories in Southern and Northwestern China also reported increases in production.