DAILY: China rebar price hits 3.5-m high, trade cools

China’s HRB400 20mm dia rebar price reached a new high since February 3 after increasing another Yuan 38/tonne ($5.4/t) on day. It hit Yuan 3,904/t, including the 13% VAT on Tuesday, according to Mysteel’s assessment. However, trading had receded notably from a 13-month high record on Monday, Mysteel Global noted.
On Tuesday, trading volume of construction steel comprising rebar, wire rod and bar-in-coil totalled 232,261 tonnes/day, dropping 77,083 t/d or 25% on day. However, the tonnage still remained above the 200,000 t/d mark that is the normal level for the peak demand season in spring, according to Mysteel’s daily data


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