China Hot Rolled Price Rebounds in Beijing

Chinese hot rolled flat steel market price turned upward in second week of November and concrete reinforcing bar continued increasing, announced by China Iron & Steel Association on Tuesday. The price was lifted when Chinese steel makers expand the production cut under power supply cut by the government. The makers announced price hike one after another in mid-November. However, the price move is uncertain when domestic raw steel output in October showed first increase in 4 months and some domestic makers started to increase the production while Baoshan Iron & Steel left the selling price unchanged in December under slow demand.

The hot rolled price in Beijing increased by 90 yuan to 4,470 yuan per tonne for products with 3 millimeters thick in second week of November from the previous week, which increased for the first time in 3 weeks. The price in Shanghai increased by 170 yuan from the bottom in second week of October. The price in Shanghai, Tianjin and Nanjing increased for 2 weeks in a row. The cold rolled price in Beijing was stayed at 5,550 yuan for products with 1 millimeter thick for 3 weeks in a row while the price in Shanghai increased by 100 yuan to 5,300 yuan. The price in Shanghai and in Chengdu showed increase for 2 straight weeks.

The rebar price in Beijing increased by 70 yuan to 4,450 yuan for products with 16 millimeters diameter in second week of November from the previous week, which increased for 3 weeks in a row. The price in Shanghai increased by 170 yuan to 4,420 yuan, which increased for 4 weeks in a row.