In the January-May period this year, China’s rebar production totaled 83.98 million mt, down 12.6 percent year on year, according to China’s National Bureau of Statistics (NBS).
In the given period, domestic wire rod production amounted to 55.068 million mt, declining by 4.1 percent year on year.
In the same period, China’s welded pipe output reached 23.031 million mt, down 3.1 percent year on year.
In May alone, China’s rebar, wire rod and welded pipe outputs amounted to 17.986 million mt, 12.144 million mt and 5.544 million mt, down 8.9 percent, up 8.1 percent and down 1.5 percent year on year, respectively.
In May, rebar prices have seen downtrend first while edged up later, though which have indicated declines by the end of May. Rebar prices reached a peak in May at RMB 3,817/mt on May 22, while they indicated the lowest level during the month at RMB 3,703/mt on May 15, according to SteelOrbis’ data. In mid-May, China issued several stimulus policies for real estate industry, aiming to boost the buyers’ purchases, which exerted a positive impact on market sentiments and bolstered rebar prices.