CHINA REBAR: Prices dive as pessimism grips market

China’s rebar prices dropped sharply in both the domestic and export markets on Friday August 9 amid bearish sentiment among market participants.

Domestic  Eastern China (Shanghai): 3,650-3,680 yuan ($518-522) per tonne, down 120 yuan per tonne Northern China (Beijing): 3,640-3,660 yuan per tonne, down 90-100 yuan per tonne High inventories, dropping raw material prices, and weakening demand in bad weather led to a pessimistic outlook in the rebar market, sources said. Rebar stocks in major spot markets was 6.43 million tonnes on Thursday August 8, up 100,000 tonnes from a week earlier, according to a local industry information provider. Fastmarkets’ index for iron ore...

Published

Jessica Zong

August 09, 2019

09:30 GMT

Shanghai