International Long Product Market Analysis

摘要

MBR understands that through the first five months of this year, hot-rolledlongs output declined 3 in China, while rebar output declined 4. It islikely that there has been further output cuts in June, seeing as productionoverall fell again, if less acutely at just 0.8 year-on-year than earlier in theyear. However these cuts were not enough to lead to domestic price upsidethrough Q2. As a result we are inclined to believe that this week’s abatementin domestic price declines reflects more a temporary phenomenon, in theabsence of more fundamentally supportive data.