Steel Rebar Prices: During the second quarter of 2023 | ChemAnalyst

North America:

Steel Rebar prices exhibited a mixed trend in the second quarter within the US spot market, influenced by a declining economy and reduced construction activity that exerted downward pressure on prices. In the latter half of the quarter, the US financial market encountered a debt crisis following the failure of several banks, resulting in an economic downturn. The construction sector experienced a decline due to labor shortages and a sluggish housing market. The uncertain economic environment led buyers to be cautious and refrain from placing significant orders, causing a drop in demand. As interest rates rose, infrastructural developments slowed down, contributing to a decrease in consumption rates. High inventories accumulated as usage declined, and overseas suppliers from China flooded the global market with surplus supply at competitive prices. Local mills adjusted their offer prices to remain competitive. Towards the end of Q2, there was a glimmer of hope as the debt crisis deal was extended for an additional two years.

Asia-Pacific:

In the Chinese spot market, Steel Rebar prices exhibited an upward trend as feedstock iron ore and coke prices moderated during Q2. However, Steel Rebar prices declined due to weak construction activity, with the onset of the monsoon affecting construction in the East China region. Weather conditions and rising prices of concrete and cement put pressure on the downstream construction industry, causing a decline in demand. Additionally, overseas markets, including India, the US, and Europe, imposed anti-dumping duties on imported steel from Chinese manufacturers, further reducing demand. In response to weak market sentiment, several plants underwent maintenance shutdowns and production cuts to balance supply and demand. High inventories persisted as consumption decreased, prompting local suppliers to offer surplus quantities at lower prices. The declining economic conditions in both China and overseas markets, such as the USA and Europe, contributed to decreased Steel Rebar usage and increased supply levels in the Chinese spot market.

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Europe:

In the German spot market, Steel Rebar prices displayed a mixed trend amid deteriorating economic conditions and a declining construction rate. The downstream construction industry faced challenges due to a labor crisis and economic degradation, which impacted the price of Steel Rebar. Protests and strikes by construction workers’ unions in front of Belgian headquarters aimed to improve worker safety measures and financial support. Labor shortages halted construction activities across the German spot market. Rising inflation rates led to decreased demand for housing, resulting in housing crises in major European countries. The uncertain economic factors prompted buyers to refrain from placing significant orders, leading to bearish market sentiments. High inventories were maintained as overseas suppliers from China flooded the global market with surplus supply at competitive prices. Local mills adjusted their offer prices to remain competitive in the global market.