• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 days Does Toyota Know Something That We Don’t?
  • 1 hour World could get rid of Putin and Russia but nobody is bold enough
  • 5 days America should go after China but it should be done in a wise way.
  • 20 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 hour How Far Have We Really Gotten With Alternative Energy
  • 13 days China is using Chinese Names of Cities on their Border with Russia.
  • 20 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
Houthis Knock Out Undersea Internet Connections in Red Sea

Houthis Knock Out Undersea Internet Connections in Red Sea

Yemen's Houthis have reportedly damaged…

Chinese Steel Prices Fall To Three-Year Low

Via AG Metal Miner

For the past year or two, steel analysts and experts have talked about how China’s market is now more open. Simultaneously, they discussed how domestic steel demand had surged due to increased infrastructure spending. The way they made it sound, low steel prices would soon become a thing of the past.

This week, prices for Chinese steel rebar fell to their lowest level in three years. Last Thursday, the spot price for HRB400 20mm steel rebar, essential for reinforcing concrete, dropped to roughly U.S. $507.80 (3,510 yuan) per ton. It appears that this year’s much-promised comeback won’t happen anytime soon.

Weak Chinese Steel Demand Also Affecting India

Steel prices have decreased globally due to weaker Chinese demand, which has, in turn, affected nations like India. Analysts tend to gauge the health of the global steel sector on Chinese steel pricing.

According to certain Indian analysts, Chinese steel mills are currently dumping steel into Indian markets due to a shortage of customers in China. Only in March of this year did a confident Koushik Chatterjee, CFO of Tata Steel, speak of stabilizing the European steel market and the potential end of low steel prices due to China’s opening up and a more balanced market.

By Sohrab Darabshaw

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on June 06 2023 said:
    I don't understand how what should be the best economy in US History ("USA massive energy producer and now exporter" going on forever now) has resulted in the exact opposite of that. Natural gas prices remain at record lows which should be great news but everything continues to point to the exact opposite of that.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News