DAILY: China rebar price dips further, trade shrinks
Feb 27, 2020 10:30
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Mysteel’s national HRB400 20mm dia rebar benchmark price softened further by Yuan 5/tonne ($0.7/t) on day to Yuan 3,667/t, including the 13% VAT on Wednesday after one-day modest recovery on Monday, the first-time ever mid-January, and China’s steel trading showed no signs of improvement even though more downstream users had gradually returned to working order.
Mysteel’s daily monitor of construction steel consisting of rebar, wire rod and bar-in-coil indicated showed that the trading volume among 237 traders across China totalled 47,142 tonnes/day on Wednesday, down another 10,428 t/d or 18.1% on day.
Chinese steel traders were divided amid the remaining uncertainties and lack of direction in