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China steel rebar slumped before soar after National Day 

China screw threaded steel bar future market slumped to CNY2,209/mt after the National Day holiday, and then sharped for several trading days in succession. After the holiday, coke and coal have been seeing strong market, which backs screw threaded steel bar market. Related data revealed that the most traded contract of steel rebar has gained by near 8%, since October 1st.


Market insider suggested that hindered by lost and tight supply of coke, many steel enterprises reduce production and start maintenance. Thus, steel ex-work prices soared, echoing rebar future market. It is predicted that steel market will remain strong in the next week.


By the time of last week, China the deformed steel bar inventory of 35 major cities was 4.349 million tons, down 159 thousand tons (-3.53%); steel wire inventory downed 121 thousand tons (-10.88%). Taking the 5 major steel products - wire, steel rebar, hot rolled coil, cold rolled steel sheet, and steel slab into consideration, China total inventory was 9.551 million tons, decreased 401 thousand tons (-4.03%).


As for oversea market, hot rolled coil prices in the United State is declining. The price for big orders is as low as US$460 per short ton. The rate of capacity utilization of Mid-west steel mills is on the downtrend lacking of orders. Last week, the hot rolled coil was quoted at US$490-500 per short ton, edged down US$10 per short tons. And cold rolled steel sheet was at prices around US$ 710-730 per short tons.


Tokyo steel issued its price list for November. Currently, the ex-work price of 13-25mm deformed steel bar is 48,000 yen per ton.

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