CHINA STEEL WRAP: Prices mainly flat in muted trade

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CHINA STEEL WRAP: Prices mainly flat in muted trade

KEYWORDS: China , rebar , hrc

China's spot steel market lost momentum on Thursday November 15 as flats and longs held mainly steady amid lower trading volumes, with only rebar in Beijing seeing upward movement.

Commercial-quality HRC (4.5-12mm) in Shanghai was changing hands at 3,990-4,020 yuan ($636-641) per tonne, unchanged since Tuesday.

In Beijing, prices for the same product were also flat for a second day at 3,860-3,870 yuan per tonne.

"Trading volumes have been lower this week. It has been hard to conclude business at higher prices," a Shanghai trader said.

The HRC market will probably remain quiet for a while or even soften a little after the rapid rise over the past two weeks.

Ex-works price increases by several steelmakers provided some support to the spot HRC market on Thursday.

Taiyuan Steel and Jiuquan Steel raised their ex-works prices for HRC by 50 yuan per tonne and 20 yuan per tonne respectively for December shipment.

China's spot rebar prices were mixed on Thursday with participants struggling to find a clear market direction.

Grade III rebar in Beijing was traded at 3,550-3,650 yuan ($566-582) per tonne during the day, up 10 yuan per tonne from Wednesday.

In Shanghai, prices of the same product remained unchanged from a day earlier at 3,600-3,800 yuan per tonne.

Some traders and stockists in Beijing raised prices a little to test the market reaction since they have worked off most of their inventories.

"If the endusers could accept the price rises, traders will take more from steelmakers to build up stocks. Otherwise, they will just continue to trade low," a stockist in Beijing said.

But the price cuts by steelmakers continue to cool market sentiment.

"Four more steelmakers cut their prices by 10-50 yuan per tonne today," a major trader in Shanghai said.

The raw materials market offered few clues today either.

The price of billet in Tangshan city was unchanged from Wednesday at 3,200 yuan per tonne. Spot prices of 63.5% Fe Indian fines were also flat over the same period at $122-124 per tonne cfr China.

The most-traded May rebar contract on the Shanghai Futures Exchange settled at 3,649 yuan per tonne, up 9 yuan per tonne from Wednesday.

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