It is reported that Chinese construction steel prices have leveled off this week and they are likely to pick up again later.

Shanghai market prices are largely unchanged.

1. HRB335 20mm rebar is being quoted at CNY 5340 per tonne to CNY 5350 per tonne
2. HRB400 is quoted at CNY 5590 per tonne to CNY 5620 per tonne flat with last week.
3. Price for commercial wire rod remained at CNY 5800 per tonne.
4. Hi speed material is tagged at CNY 5910 per tonne.

Rebar and wire rod prices in Beijing market have seen remarkable rebound.

1. 6.5mm hi speed wire rod by Tangshan is being quoted at CNY 5950 per tonne up by CNY 350 per tonne recently.
2. HRB335 and HRB400 16mm to 22mm rebar price move up by CNY 100 per tonne to CNY 120 per tonne to CNY 5590 per tonne and CNY 5800 per tonne respectively.

Export prices remain at high level and allocations are said to be quite tight. Offer for rebar with vanadium are normally at USD 1040 per tonne FOB to USD 1070 per tonne FOB. Though there is export rebate for bar with vanadium, steel makers are still quoting at a level that includes the 15% export tariff so as to cover possible policy risk. While some steel producers are offering rebar with boron at USD 970 per tonne to USD 980 per tonne FOB which is being regarded as a brave action taking into account the probably investigation by related departments.

(Sourced from MySteel.net)