UTC+8 ( BJT)

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

ABSTRACT

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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