DAILY: China rebar price refreshes 5-m high, trade slips
Jun 04, 2020 10:30
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China’s national price of HRB400 20mm dia rebar refreshed its new high since December 24 after increasing for the fifth consecutive working day by another Yuan 16/tonne ($2.3/t). It hit Yuan 3,856/t and including the 13% VAT as of June 3. However, trading shrank significantly in light of the continuous price increase, Mysteel Global noted.
On Wednesday, the trading volume of construction steel comprising rebar, wire rod and bar-in-coil was 215,405 tonnes/day. It dropped 49,320 t/d or 18.6% on day, according to Mysteel’s daily monitor of the trading activity across 237 Chinese steel traders nationwide.
“Buyers were hesitant after actively procuring over the past few days