China’s rebar output down 15.7% in January-August 2024

In the January-August period this year, China’s rebar production totaled 129.685 million mt, down 15.7% year on year, according to China’s National Bureau of Statistics (NBS). In the given period, domestic wire rod production amounted to 88.568 million mt, declining by 4.5% year on year, while welded pipe output came to 38.729 million mt, down 9.3% year on year. In August alone, China’s rebar, wire rod and welded pipe outputs amounted to 12.553 million mt, 10.433 million mt and 4.883 million mt, down 32.3% , 9.8% and 13.2% year on year, while down 19.76%, 9.87% and 3.33% month on month, respectively. In August, rebar prices in the Chinese domestic market moved down first amid slack demand and the negative impact caused by the shift of production standards for rebar and wire rod, while they edged up later. Rebar prices reached a peak in August at RMB 3,340/mt on August 5, while they saw their lowest level during the month on August 16-19 at RMB 3,153/mt. 1 USD = 7.04 RMB