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...