Eastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, narrowing upward by 10 yuan per tonne
Northern China (Beijing): 3,750-3,800 yuan per tonne, unchanged
A senior member of China’s legislature said last Saturday that the Chinese government was working on drafting laws that would serve as the legal foundations for a property tax. This weighed on sentiment in the market, a Shanghai-based trader said.
Market sources said such a tax would dampen trading activity in the Chinese property market, because buyers would need to pay more for real estate. This in turn would hurt demand for rebar.
A trader in northern...