Eastern China (Shanghai): 3,710-3,750 yuan ($550-556) per tonne, unchanged
Northern China (Beijing): 3,700-3,740 yuan per tonne, unchanged
Rebar futures traded lower than Monday’s settlement price of 3,711 yuan per tonne throughout the day, resulting in bearish sentiment in the spot market.
Most trading houses are already no longer in the market, with the Chinese New Year break just a week away, so the weak futures did not affect spot prices, sources said. China is observing a public holiday over February 4-10 but market participants commonly...