Copying and distributing are prohibited without permission of the publisher

CHINA STEEL WRAP: Prices flat as market participants await cues

March 03, 2014 - 10:03 GMT Location: Shanghai

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

China’s spot steel prices were unchanged on Monday March 3 as participants sat out of the market to see which direction it goes.

In Beijing, grade III rebar was traded at 3,140-3,170 yuan ($512-517) per tonne, where prices have held since last Thursday. In Shanghai, the same product traded at 3,180-3,230 yuan ($519-527) per tonne, flat with last Friday. All prices are inclusive of VAT. While transaction levels were up from last week, many end-users chose to remain on the sidelines in anticipation of stronger market cues. "Besides the immediate demand, they still want to wait and see if the National People’s Congress (NPC) provides any clues," a Shanghai-based trader said. The NPC is scheduled to open in Beijing later this week. Major longs producer Shagang decided to cut its list prices for early March, with its...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

subscribe to this feed Comment & analysis

MB Glossary

From Aluminium to Zinc...
Search this free glossary on metals

Try the new Metal Bulletin BETA site...

We've added some great new features and tools which we think you'll find useful:

  • Easier to use navigation including links to new sections
  • Cleaner interface for the Price Book with easier to use data views
  • More dedicated pages for specific metals e.g chrome, antimony, nickel
  • Better search tools for news and prices with handy filters

Simply click 'Yes please' below to go straight to the BETA site
(Please note: you will need to log into the BETA site on your first visit. Plus you can return to the original site any time you wish)