WEEKLY: SHFE rebar prices plummet on bearish sentiment
Sep 18, 2020 16:30
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At the close the daytime session on September 18, the most traded rebar contract on the Shanghai Futures Exchange (SHFE) for next January delivery had decreased Yuan 44/tonne ($6.5/t) from the settlement price one week earlier to settle at Yuan 3,603/t as pessimism pervaded in the market, despite lower stocks and generally stable demand.
“The stocks declined, but only by a small amount, and for now, actual long-steel demand is stable but not strong enough to match the initial expectations of market players,” a Shanghai-based trader stated, adding that demand for flat steel has also shown signs of weakness.
The trading volume of rebar, wire