Zhejiang and Shanghai have had heavy rain since Friday night, and the typhoon was forecast to reach Jiangsu and Shandong provinces in the next two days.
Construction sites have gradually been stopping work since late last week to check safety at sites, so demand for construction steel, such as rebar, wire rod and hot-rolled coil, has dropped sharply, market sources said.
“Loading and unloading at warehouses has been suspended due to the heavy rain,” a rebar trader in Shanghai told Fastmarkets on July 26.
Highways in and through Zhejiang and Shanghai were mostly blocked on Monday, delaying steel product transportation.
Ports in the eastern region have also been disrupted in the past few days and shipped was waiting to be unloaded.
For instance, Ningbo has required ships to stay in the harbor and has suspended work...