Flat follows the long trajectory in Chinese steel market
Chinese steel market has been virtually numbed into silence by the magnified amplitude of global stock market undulations. Run up to the orgy started after the 8th August downgrading of US economy by S&P. Concentric girdle of European debt crisis has sucked the enthusiasm.
A revival in Chinese buying was expected in August but the fledgling market was trampled by the diabolical gyrations in the last few weeks. Major Mills have undauntedly hiked the prices for flat products viz, Bao Steel, WISCO & Angang in anticipation of succulent prophecies unfolding.
However the traders and stockiest have gone in a huddle waiting for the dust to settle. Concurrently the mills in China have struck revival in production with the daily average clocking 1.9419 million tonnes per day in the first 10 days of August a climb of 0.35% since July.
Moreover the Damocles of hike in lending rate as the inflation remains stubborn and unpalatable kept a lurking sense of fear going at all times.
Rebar
| Location | CNY |
| Shanghai | 0 |
| Hangzhou | -20 |
| Nanjing | -20 |
| Jinan | 0 |
| Hefei | 0 |
| Fuzhou | -10 |
| Nanchang | 20 |
| Guangzhou | 0 |
| Changsha | 0 |
| Wuhan | 0 |
| Zhengzhou | 0 |
| Beijing | 0 |
| Tianjin | 0 |
| Shijiazhuang | 0 |
| Taiyuan | -50 |
| Shenyang | -10 |
| Harbin | -10 |
| Chongqing | -10 |
| Chengdu | 0 |
| Guiyang | 0 |
| Kunming | 0 |
| Xian | -20 |
| Lanzhou | 0 |
| Urumchi | 0 |
Change is on Aug 29th as compared to 26th Aug 2011
Change is CNY per tonne
HRC
| Location | CNY |
| Shanghai | -20 |
| Hangzhou | -10 |
| Nanjing | -10 |
| Jinan | -10 |
| Hefei | -10 |
| Fuzhou | 0 |
| Nanchang | 0 |
| Guangzhou | -10 |
| Changsha | 0 |
| Wuhan | -10 |
| Zhengzhou | 0 |
| Beijing | 0 |
| Tianjin | 0 |
| Shijiazhuang | 0 |
| Taiyuan | 0 |
| Shenyang | 0 |
| Harbin | 0 |
| Chongqing | 0 |
| Chengdu | 0 |
| Kunming | 0 |
| Xian | 0 |
| Lanzhou | 0 |
| Urumchi | 0 |
Change is on Aug 29th as compared to 26th Aug 2011
Change is CNY per tonne
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