Construction Steel : Last week, domestic construction steel prices fluctuated with downward adjustments. By region, prices in East China fell by RMB 10–60/tonne, Central-South China by RMB 20–50/tonne, North and Northeast China by RMB 30–60/tonne, and Western China by RMB 30–90/tonne.

As of last Friday, the average prices across 28 major markets were RMB 3,412/tonne for Φ8mm HPB300 wire rod and RMB 3,248/tonne for Φ18–25mm HRB400 rebar, down RMB 45/tonne and RMB 44/tonne week-on-week, respectively.

According to SteelHome, rebar inventories stood at 7.36 million tonnes, up 240,000 tonnes, with average daily transactions at 59,900 tonnes, down 4.1% w-o-w.

With production running normally, inventories continued to build, indicating rising supply pressure. However, as demand gradually shifts into peak season, domestic construction steel prices are expected to trend rangebound with a stronger bias this week.