DAILY: China’s rebar prices rise further, sales soften

China’s price of HRB400 20mm dia rebar increased for a fifth successive working day on Thursday, rising by another Yuan 22/tonne ($3.1/t) on day to Yuan 3,806/t including the 13% VAT, mainly thanks to the decline in production and a slowdown in stocks accumulation, Mysteel Global noted.
Rebar production among the 137 long steelmakers Mysteel tracks reversed down from the historical highs seen previously, losing 123,200 tonnes or 3.1% on week over July 2-8 to 3.9 million tonnes, Mysteel’s data showed. Besides, the pace of growth in rebar stocks also lost momentum, with the volume held by traders


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