“It’s hard to say, but I think they will resume bookings because no-one cancelled the plan to reduce steel output by the end of the year,” one trader said.
In northern China’s Tangshan city, the country’s steelmaking hub, local authorities are restricting steel production by 30% until the end of 2021
“Everyone will wait until the Chinese market reaches a plateau and sales start. I think the market will revive in five-ten days,” the trader added.
“The market is seeking balance, so billet demand from China should stabilize soon. Futures prices have been rising for two days in a row,” a Russian mill source said.
The most-traded October rebar futures contract closed...