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Deformed steel bar price gained amid high cost
TIME:2016/10/24  

Last week, deformed steel bar price was pushed up by strong coke market. The growth came from a higher cost, but deformed steel bar itself lacked of increasing power amid plain market. By October, 22, the major contract 1701 closed at CNY2,485/mt, gained CNY86/mt from last week.

 

October 21, Shagang Steel adjusted its prices. Deformed steel bar price increased CNY170/mt to CNY2,600/mt. However, coke will not keep growing like this. Then, how will steel rebar market be without cost support of coke?

 

As for steel supply, according to the latest data, rate of operation of furnace slightly dropt to 78.8%. By the end of September, the daily production was around 2.2754 million tons. Besides, crude steel production in September gained 2.9% yoy to 68.2 million tons. Even though the inventory show slight fluctuation, it was at a rising trend.

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