DAILY: Rains restrict China’s steel demand, price soften

China’s national HRB400 20mm dia rebar price assessed by Mysteel softened for the third day as of June 11, down another Yuan 11/tonne ($1.6/t) on day to Yuan 3,827/t including the 13% VAT. Steel demand continued to be dampened by the rainy weather, especially in the southern part of China.
On Thursday, the trading volume of construction steel consisting of rebar, wire rod and bar-in-coil in China totaled 190,900 tonnes/day. It remained below the 200,000 t/d threshold which served as an indicator of active trading activity, although it rebounded slightly by 9,409 t/d or 5.2% on day, according to Mysteel’s daily survey across 237 Chinese


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