China’s construction steel prices began to stabilize in August after a long period of decline. In early August, prices fell to a seven-year low due to various market pressures, but by the end of the month, improved supply-demand dynamics led to a recovery, and construction steel prices in major cities saw slight increases.
In addition, rebar and wire rod production reached their lowest levels in recent years in August. Weekly rebar production fell to around 1.62 million tons due to voluntary production cuts aimed at reducing supply pressures. These cuts led to sharp declines in production in certain regions. Meanwhile, future supply concerns have eased as rebar stocks are being rapidly depleted.
Construction steel prices are expected to see a slight increase in September due to seasonal demand growth. However, the market remains uncertain as the strength of the demand recovery continues.
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