NBS: China's Jan-Oct rebar output dips 1.8% on year
Release time: 2021-11-18
By the end of October, China's rebar production fell into an on-year decline of 1.8% against the 0.6% on-year gain for the first nine months, approximating 214.1 million tonnes, and the monthly output for October continued to fall on year, down 20.6% to 18.9 million tonnes, according to the data released by the country's National Bureau of Statistics (NBS) on November 18.
China's rebar, thus, fell on year for the fourth straight month, though it was up 6.9% on month, and still ranked the top, accounting for 19.1% of the country's total finished steel output for the first ten months or 18.6% of the total for October, Mysteel Global noted from the release.
This was also the first time for China's accumulative rebar output to post an on-year decline after January-April 2020, Mysteel Global noted from the NBS data, though this was hardly surprising to the domestic steel market amid weakening in demand and prices ever since early October after the National Day holiday.
Over January-October, China's investments in the property market and infrastructure slowed in growths, with the former up 7.2% on year and the latter up 1% on year, as against the rises of 8.8% and 1.5% respectively for January-September, as reported.
Besides, spot trading of construction steel comprising rebar, wire rod and bar-in-coil among China's 237 steel trading houses averaged 175,957 tonnes/day in October, down 18.6% on month though the month is usually a robust steel consumption season with the average volume usually around the threshold of 200,000 t/d, according to Mysteel's data.
Chinese steel mills' enthusiasm in rebar production was dampened even more amid thinning margins on domestic price slumps, and for October, the rebar margins among China's 91 blast-furnace steel mills under Mysteel's survey reversed down for the first time in three months, dropping by Yuan 555/tonne on month to Yuan 246/t.
China's rebar, thus, fell on year for the fourth straight month, though it was up 6.9% on month, and still ranked the top, accounting for 19.1% of the country's total finished steel output for the first ten months or 18.6% of the total for October, Mysteel Global noted from the release.
This was also the first time for China's accumulative rebar output to post an on-year decline after January-April 2020, Mysteel Global noted from the NBS data, though this was hardly surprising to the domestic steel market amid weakening in demand and prices ever since early October after the National Day holiday.
Over January-October, China's investments in the property market and infrastructure slowed in growths, with the former up 7.2% on year and the latter up 1% on year, as against the rises of 8.8% and 1.5% respectively for January-September, as reported.
Besides, spot trading of construction steel comprising rebar, wire rod and bar-in-coil among China's 237 steel trading houses averaged 175,957 tonnes/day in October, down 18.6% on month though the month is usually a robust steel consumption season with the average volume usually around the threshold of 200,000 t/d, according to Mysteel's data.
Chinese steel mills' enthusiasm in rebar production was dampened even more amid thinning margins on domestic price slumps, and for October, the rebar margins among China's 91 blast-furnace steel mills under Mysteel's survey reversed down for the first time in three months, dropping by Yuan 555/tonne on month to Yuan 246/t.
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