CHINA REBAR: VAT cut pessimism weighs on domestic prices

China’s domestic rebar prices resumed their downward trend on Tuesday March 26 after holding steady for a day, with bearish sentiment brought about by the upcoming decrease of value-added tax in the country weighing on the market.

Domestic Eastern China (Shanghai): 3,800-3,850 yuan ($566-573) per tonne, down 30-40 yuan per tonne Northern China (Beijing): 3,820-3,860 yuan per tonne, down 10-20 yuan per tonne Buyers slowed down their procurement rates in recent days in anticipation of price changes in April when the VAT for the manufacturing sector is cut to 13% from the current 16%. Rebar futures were also subdued throughout the day before rebounding in the last five minutes, which kept...

Published

Jessica Zong

March 26, 2019

10:00 GMT

Shanghai