CHINA REBAR: Rate cut, high inventories keep spot prices flat

China’s domestic rebar prices were flat on Tuesday April 7, with concerns over high inventory levels emerging amid increased trading and rising futures in the early hours following news of a rate cut in the country.

Eastern China (Shanghai): 3,390-3,420 yuan ($480-484) per tonne, unchanged
Northern China (Beijing): 3,330-3,370 yuan per tonne, unchanged
 
China’s central bank last Friday said it would lower small banks’ reserve requirement ratio - the amount of cash reserves they must hold - by 50 basis points each on April 15 and May 15, a move that is estimated to release 400 billion yuan of liquidity to shore up the country’s economy.

Rebar futures rose to a high of 3,244 yuan per...

Published

Jessica Zong

April 07, 2020

10:20 GMT

Shanghai