Eastern China (Shanghai): 3,840-3,880 yuan ($572-578) per tonne, unchanged
Northern China (Beijing): 3,840-3,870 yuan per tonne, unchanged
Weakening futures led to a slowdown in procurement rates in the spot rebar market.
But sellers maintained their prices nonetheless since they were not under any supply pressure due to their smaller inventories.
Meanwhile, some market participants took a wait-and-see approach during the day because this is the last week before China’s value-added tax for the manufacturing sector is reduced from 16%...