DAILY: China’s rebar price, sales recede further
Oct 17, 2019 10:30
Mysteel’s national average HRB400 20mm dia rebar benchmark fell for the second day on October 16, down another Yuan 17/tonne ($2.4/t) on day to Yuan 3,869/t including the 13% VAT, and the trading activity was slack on Wednesday with buyers hesitating to book tonnage amid a bearish outlook.
On Wednesday, the spot trading of construction steel comprising rebar, wire rod and bar-in-coil, declined further by 8,803 tonnes/day or 4.7% on day to 176,965 t/d, Mysteel’s survey among the 237 steel traders nationwide showed.
“Trading was sluggish, buyers showed little interest though traders cut prices continuously, and the wait-and-see sentiment