SHANGHAI, Jul 22 (SMM) – Spot prices of rebar ceased last week's decline and gained an average 10-50 yuan/mt from Friday July 19, as of Monday July 22, driven by the announcement of intensified production curbs in major steelmaking cities of Tangshan and Handan over the weekend.
Market sentiment also received a boost as Tianjin city said on Monday July 22 that it will step up the fight against air pollution till the end of August.
Steel prices climbed over the weekend, with some downstream demand releasing. This, together with a continued heat wave and rainfall, kept overall trades moderate on Monday July 22.
In east China’s Hangzhou, rebar offers grew an average 10 yuan/mt, to 4,050-4,070 yuan/mt at noon of Monday, as high inventories across local warehouses dampened bullish sentiment. Actual trades occurred at 4,040 yuan/mt.
In Beijing, offers of spot rebar rose 40 yuan/mt from last Friday and stood at 3,940 yuan/mt.
Offers in Shanghai advanced 20 yuan/mt in the morning of Monday July 22, but slow trades lowered prices by 10 yuan/mt in the afternoon, to 3,980 yuan/mt.
Spot prices grew 20 yuan/mt in Guangdong on Monday July 22 with stable downstream demand.