Domestic reinforcing steel bar price remains flattened still though the mills announced to set the delivered prices at the higher rate for January and February both. The rebar prices are expected to get acceleration onward under the coming seasonable boost as well as with a maintenance schedule coming closer. In the middle of February, the rebar price on the domestic distribution channels tallied to hike around 10,000 won per ton settling down at 690,000 won per ton for SD400 and 10mm terms, compared with the end of January. The backlogged inventories are confirmed to also scale down a little bit month on month.
The industry people said, “The rebar price forms around 690,000 won around mid-February, not showing upturn yet under the dampened logistics.” “The price will naturally rise up ahead of the seasonable boom,” they added.
The rebar price was set at around 730,000 won per ton at the end of January, while the mills proceeded the contracts on terms of between 723,000 and 730,000 won per ton, case by case, and promised to abide by the monthly guidelines ahead too.
Distributors responded that they have risks to be immediately damaged by the mills’ pricing policies, while having higher hopes for addressing on the market and reducing low-priced dumping practices only if the guidelines are instituted properly. Meanwhile, Chinese rebar export offer bids are rising slowly but steadily, suggesting $530 per ton on SD400, 10mm and CFR terms, on condition of the February contacts, equating to about 590,000 won per ton on the Korean currency terms.
Source: Steel&Metal News
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