DAILY: China’s rebar price reverses up, trade slows
Oct 23, 2020 10:30
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China’s national price of HRB400 20mm dia rebar reversed up on October 22, though merely by Yuan 7/tonne ($1/t) on day to Yuan 3,819/t including the 13% VAT, as the high trading on the previous day and continued depletion of rebar stocks gave market confidence. However, trade slowed notably after the mild price increase.
On Thursday, the trading volume of construction steel comprising rebar, wire rod and bar-in-coil was 219,670 tonnes/day, down 41,037 t/d or a notable 15.7% from the 260,707 t/d on Wednesday or highest so far this month, according to Mysteel’s survey across 237 Chinese steel traders nationwide.
“Early in the morning, many