UTC+8 ( BJT)

DAILY: China rebar price reverses from three-day gains

ABSTRACT

On July 28, China’s national price of HRB400E 20mm dia rebar under Mysteel’s assessment reversed from three working days of rises, slipping by Yuan 15/tonne ($2.3/t) on day, indicating that the market might have fully digested the support of the possible wide-range steel output cuts on the prices, while spot sales of construction steel including rebar rebounded by 6.3% after having fallen for three working days.
On Wednesday, the rebar price eased to Yuan 5,452/t and including the 13% VAT, while the daily trading volume of construction steel also comprising wire rod and bar-in-coil among China’s 237 traders under Mysteel’s tracking grew 8,969 tonnes/day on day to 150,866 t/d. Despite an on-day recovery in the spot sales,

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