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Constructive steel prices rebound last week amid production cuts & increased demand

10 Jul 2024 15:58 reported by Stanley Wang

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Last week, constructive material prices in China showed signs of recovery, and overall transactional activity remained moderate. Supply-side dynamics saw a reduction of about 80,000 tons in steel bar production, mainly from electric furnace companies across Central, South, and North China. Profitability concerns prompted some mills to curtail production and undergo equipment maintenance, further constraining output.

On the demand side, China experienced a 15% increase in average weekly transaction volume, fueled partly by improved weather conditions in southern regions, which stimulated transactions. Rebar inventory levels varied across regions: East China and the Southern Region saw increases, while the Northern Region managed to decrease stocks by around 12,000 tons week-on-week.

However, macroeconomic factors such as declining fund availability at construction sites and weakened cost support due to adverse weather conditions continue to pose challenges. With these mixed signals, analysts anticipate short-term fluctuations and a cautious outlook for steel prices in the near future.

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