As the rainy season in southern China restricted the demand for construction steel, rebar and wire rod prices ran weak in late June, according to the latest data from the National Bureau of Statistics.
The price of Φ16-25mm, HRB400 rebar was 3,701.6 yuan/t ($524.98) in the last ten days of June, down by 26.8 yuan/t or 0.7% from mid-June, compared with a fall of 0.9% in the previous session, data showed.
The price of wire rod (Φ6.5mm, HPB300) was 3,799.2 yuan/t, falling by 20.8 yuan/t or 0.5% from mid-June. The decline was 0.2 percentage points narrower from the previous period.
Due to a recovery in manufacturing industry, steel plate prices were strong in late June.
The price of 20mm Q235 medium plates picked up 10.4 yuan/t or 0.3% from mid-June to 3,881.0 yuan/t, compared with a growth of 0.2% during the previous period.
The price of hot-rolled 3mm, Q235 sheets increased by 21.9 yuan/t or 0.6% to 3,878.0 yuan/t. The growth rate kept flat from the previous period.
The price of seamless steel tubes (219*6, 20#) was 4,319.5 yuan/t, an increase of 34.2 yuan/t or 0.8% from the previous period. The growth expanded 0.5 percentage points from the previous period.
The price of 5# angle steel was 3,816.5 yuan/t, sliding by 2.0 yuan/t or 0.1% from mid-June. The reduction kept flat from the previous period.
The daily rainfall broke the record in 75 counties and cities across China in June, according to report from China meteorological center. The price of construction steel like rebar is likely to fall further, as demand will continue being restricted before the rainy season completely ends in September.
(Writing by Shengnan Liu Editing by Jessie Jia)
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