China’s steel products in a weekly analysis of Mysteel are hot-rolled coils, cold-rolled coils, sections, medium plates, rebar, and wire rods.
Rebar & Wire Rod:
Prices of rebar and wire rod may remain range bound from 7th November to 11th November due to limited constructions, and low demand is due to Covid control measures. Few traders are selling their products to avoid risk. According to the survey, on 3rd November, 429 warehouses in 132 cities showed a stock decline of 5.6% to 6.2 million tons.
Hot-rolled coil:
Prices of the hot-rolled coils may decline in the current week on 11th November due to buyers being out of the market, and more supply will put downward pressure on prices.
Cold-rolled coil:
End-users are reluctant to purchase the cold-rolled coil, only a buying few tons; however, mills have increased their production by 0.4% to 838,100 tons till 2nd November.
Medium Plates:
Production of medium plates remained at 1.4 million tons, with a decline of 26,200 tons on 2nd November. Fluctuations in prices are expected from 7th November to 11th November due to less supply and more demand.
Sections:
Prices of Q235 150 mm square billets have shown a rise of 60 Yuan or 8.3 dollars per ton to Yuan 3,510/t EXW with 13 % VAT on 6th November.
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