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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...
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Euromoney Institutional Investor PLC.
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