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Rebar spot prices dipped 160 yuan/mt from 4,130 yuan/mt on Wednesday at the beginning of May in Hangzhou. Cargoes traded at an average of 4,058 yuan/mt in early May, about 50 yuan/mt lower than the ex-factory prices reported by steel mills.

Market sentiment remained buoyant even after rebar spot prices slumped as traders were keen to destock. Transactions were few across several markets in China on Wednesday May 9. Prices in Hangzhou dipped 80 yuan/mt to 3,970 yuan/mt and prices in Shanghai fell 60 yuan/mt to 3,960 yuan/mt.

Some steel mills remain suspended for environmental inspection that began at the start of April. Demand released steadily as downstream construction sites in south China hastened their progress before the rainy season in June.

Based on prices of $67.3/mt for imported iron ore, average profits for rebar stood over 1,100 yuan/mt on May 9 at steel plants, up 22% from a month ago. Rebar processing costs at some steel mills stood at 2,860 yuan/mt.

Market participants were optimistic as inventories of rebar declined continuously and as several specifications were in short supply in some regions. We expect one of China’s major steelmakers, Jiangsu Shagang, to raise ex-factory prices by 50 yuan/mt in mid-May, to 4,020 yuan/mt. Its price, ex-warehouse, will be offered at 4,070 yuan/mt.

• [Editor:Wang Linyan]