China steel rebar price Sep 2024
2024-09-21
China steel rebar price trend
China steel rebar price futures fell toward CNY 3,000 per tonne, nearing a three-week low of CNY 2,940 on September 9th, amid lingering concerns over weak ferrous metal demand.
China’s crude steel production dropped 6.1% in August to 77.92 million metric tons, marking the third consecutive monthly decline, driven by weak prices and sluggish demand from the property and manufacturing sectors. Although robust steel exports provided temporary relief, output is expected to rebound in September as margins improve.
However, uncertainty surrounding China's 2024 steel output cap continues to weigh on sentiment. Moreover, weaker-than-expected economic data from China, including slower industrial production, softer retail sales growth, and rising unemployment, have pressured the offshore yuan and deepened concerns about the broader economic outlook. Investor focus shifts to the People's Bank of China’s upcoming rate decisions set to influence future price trends based on potential stimulus measures.
Steel Rebar is mostly traded on the Shanghai Futures Exchange and London Metal Exchange. The standard future contract is 10 tons. The steel rebar price displayed is based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our steel rebar price is intended to provide you with a reference only, rather than as a basis for making trading decisions. We don't verify any data and disclaims any obligation to do so.
news reference from Trading Economics.
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