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...