WEEKLY: SHFE rebar prices slip further on tight funding
Sep 25, 2020 16:00
See Full-size Table Here
The most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for January 2021 delivery, trending downtrend since the start of September, slid further this week, losing another Yuan 74/tonne ($10.8/t) from the settlement price on September 18 to end the daytime trading session on September 25 at Yuan 3,522/t. Futures market watchers say the contract’s slide is symptom of tight liquidity in China now.
Though the rebar contract’s price has kept decreasing, actual domestic demand for steel long products has stayed stable, with the trading volume of rebar, wire rod and bar-in-coil among 237 traders Mysteel samples across China being up 3.2% on week to average 229,021 tonnes/day over September 18-24, Mysteel’s data showed.