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It is reported that the sharp drop in steel prices is mainly the result of insufficient market demand and increased domestic production. Statistics show that in the first four months of this year, domestic steel output reached 112.03 million tons, a year-on-year increase of 23.3%, of which steel output in April reached 295.33 million tons, an increase of 23.7%. In contrast, the growth rate of real estate investment and construction area has dropped sharply. From January to April this year, China's real estate investment growth rate was 25.9%, which was 8.7 percentage points lower than the same period of last year; real estate construction area increased by 20%. %, down 11 percentage points from the same period last year.
In the case of domestic demand is small, China's rebar is exported to South Korea in large quantities. According to the statistics of the Korea Construction Association, China’s rebar exports to South Korea accounted for 62% of South Korea’s rebar imports in the first quarter of this year. Meanwhile, China’s rebar prices to South Korea averaged only US$407/ton. South Korea is 520 US dollars / ton.
In addition, the continued decline in steel prices has also led to a strong wait-and-see atmosphere in the domestic steel market, with a reduction in trading volume, which has led to a high level of stocks in major markets. As the domestic construction steel market is already in a pattern of oversupply, the market inventories in all regions have remained high, and the market trend is still facing greater pressure.
It is also understood that due to the lack of demand in the Chinese market and the decline in freight rates, the price of iron ore from India's exports to the Chinese market has dropped from 80-82 US dollars / ton to 70-77 US dollars / ton.
China's threaded steel exports in large quantities
It was learned from the price monitoring center of the National Development and Reform Commission that the decline in construction steel after the previous few weeks continued to increase, and the prices of rebar and wire continued to drop by 1.89% and 2.29% respectively from last week, even lower than the lowest level at the beginning of the year. It is also 0.67% lower and 1.05% lower.