Copying and distributing are prohibited without permission of the publisher
CHINA STEEL WRAP: Prices end week lower on poor sentiment
February 28, 2014 - 10:10 GMT
Shanghai Futures Exchange
Shanghai Steel Exchange Center
China’s spot steel prices ended the week lower amid weakened sentiment on worries over the country’s property market as well as tighter cash flow at the end of the month.
In Beijing, grade III rebar was traded at 3,140-3,170 yuan
($512-517) per tonne on Friday February 28, unchanged from
Thursday, but down 30 yuan ($5) per tonne week-on-week. In
Shanghai, the same product also traded flat for the day at
3,180-3,230 yuan ($519-527) per tonne, but prices were 60-80
yuan ($10-11) per tonne lower for the week. All prices are
inclusive of VAT. The rebar market had a poor start to the week
due to concerns over China’s property market.
Local media had reported that Chinese banks were tightening up
on real estate lending. Rebar futures slumped by 2% on Monday
in response to that and remained weak in the following days.
The most-traded May rebar contract...
All material subject to strictly enforced copyright laws. ©
Euromoney Institutional Investor PLC.
Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.
If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.
A standard subscription include one year's worth of news and prices. You can also upgrade to a premium subscription and benefit from more than 17 years of intelligence plus access to MB Company Data.
Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.