CHINA REBAR: Prices flat, but market sentiment still bearish

Cost pressures kept China’s domestic rebar prices from falling further on Wednesday June 24 despite a pessimistic outlook for demand in the next two months amid high production rates.

Domestic
Eastern China (Shanghai): 3,560-3,590 yuan ($504-508) per tonne, unchanged
Gross profits for rebar producers that operate blast furnaces have fallen to around 100 yuan per tonne of gross profit, 50 yuan per tonne lower than last week’s average, while those for electric-arc furnace operators’ losses have doubled to around 100 yuan per tonne, an industry analyst in Shanghai said.

High prices for ferrous scrap have been a major factor...

Published

Jessica Zong

June 24, 2020

10:52 GMT

Shanghai