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CHINA STEEL WRAP: Prices end week lower on poor sentiment

February 28, 2014 - 10:10 GMT Location: Shanghai

KEYWORDS: Shanghai Futures Exchange , Shanghai Steel Exchange Center , Dazong , Shanghai , Beijing

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...

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