UTC+8 ( BJT)

DAILY: China's rebar price reverses down, sales plunge


On May 12, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment reversed from just one day of incline, down by Yuan 8/tonne ($1.2/t) on day to Yuan 4,977/t including the 13% VAT, mainly due to sluggish demand from end-users and the bearish sentiment prevailing in the market amid COVID-related restrictions nationwide and heavy rainfalls in South China.
On Thursday, the daily trading volume of construction steel including rebar, wire rod and bar-in-coil among 237 Chinese trading houses under Mysteel's tracking declined after just one day of recovery, plunging by 53,856 tonnes/day or 30.5% on day to 122,970 t/d.   Some steel traders trimmed their offering prices to boost sales during the day,


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