In the January-February period this year, China’s rebar production totaled 34.818 million mt, down 13.8% year on year, according to China’s National Bureau of Statistics (NBS).
Wire rod production amounted to 21.307 million mt in the given period, down 16.7% year on year.
The Chinese New Year holiday and the Winter Olympics negatively affected production outputs in the given period.
Following the Chinese New Year holiday, rebar prices moved up first, while but softened in the latter part of February, with the highest level of RMB 5,027/mt ($795/mt) seen on February 11-13, and the lowest level of RMB 4,803/mt ($760/mt) seen during February 1-6.