WEEKLY: SHFE rebar price rangebound, but slip seen soon
Dec 06, 2019 18:15
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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.