WEEKLY: SHFE rebar price rangebound, but slip seen soon

The most traded rebar contract on the Shanghai Futures Exchange for May delivery remained rangebound during the week of December 2-6, increasing by a tiny Yuan 13/tonne ($1.8/t) from the settlement price on November 29 to end the daytime session on December 6 at Yuan 3,437/t. But market sources warn they foresee the price trending downward soon, Mysteel Global noted.
SHFE rebar futures prices have kept tracking higher since late October as steel end-user demand remained robust over October-November. However, since the end of last month, the prices have basically stalled as demand has finally shown signs of weakness and stocks at mills and traders have mostly stopped declining. “The better-than-expected


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