HR prices showed an impressive rally on April 20th 2009 in China touching 5 & 6% in Shanghai and Fuzhou respectively. The spurt was widespread across the nation breaking an uninterrupted spell of gloom since the New Year Holiday.
HRC
4.75mm
Common
Location | CNY | USD | % |
Shanghai | 160 | 23 | 5.2% |
Hangzhou | 160 | 23 | 5.1% |
Nanjing | 150 | 22 | 4.8% |
Jinan | 130 | 19 | 4.1% |
Hefei | 0 | 0 | 0.0% |
Fuzhou | 200 | 29 | 6.2% |
Nanchang | 0 | 0 | 0.0% |
Guangzhou | 120 | 18 | 3.7% |
Changsha | 70 | 10 | 2.1% |
Wuhan | 30 | 4 | 0.9% |
Zhengzhou | 170 | 25 | 5.4% |
Beijing | 170 | 25 | 5.4% |
Tianjin | 130 | 19 | 4.2% |
Shijiazhuang | 70 | 10 | 2.2% |
Taiyuan | 130 | 19 | 4.1% |
Shenyang | 150 | 22 | 5.0% |
Harbin | 120 | 18 | 3.8% |
Chongqing | 0 | 0 | 0.0% |
Chengdu | 0 | 0 | 0.0% |
Kunming | 0 | 0 | 0.0% |
Xian | 30 | 4 | 0.9% |
Lanzhou | 0 | 0 | 0.0% |
Urumchi | 0 | 0 | 0.0% |
Average | 87 | 13 | 2.7% |
Change is on April 20th 2009 as compared to April 17th 2009
Change is per tonne
The reason for this ripple seems to be ambiguous and unsustainable in the absence of perceptible demand increase. However the obvious catalyst for this flutter can be as follows:
1. Activity among stockist to replenish their gradually dwindling stocks to mitigate unavoidable demand.
2. On the hindsight the recent hike in rebate on export taxes from 5-13% announced by the government has given the necessary fillip to the export competitiveness of Chinese HR products, igniting some level of confidence amongst the exporters desperate to survive in the dwindling international presence of Chinese products owing to uncompetitive offers as a hangover of stimulus euphoria.