WEEKLY: SHFE rebar price tumbles on bearish sentiments
Oct 18, 2019 18:00
The most traded January rebar contract on Shanghai Futures Exchange declined further during the week to October 18, slipping by a total of Yuan 87/tonne ($12.3/t) from the settlement price on October 11 to close at Yuan 3,310/t by the end of the daytime session on Friday. Market participants said that despite a decline in stocks, market sentiment had stayed pessimistic and the slowing economic growth had further dampened prices.
Carbon steel stocks at both mills and traders declined further during the week, but this failed to give any boost to confidence. “The prevailing pessimistic sentiment after the National Day holiday encouraged traders to make deals quickly, in order to reduce stocks at hand as fast as possible,” a Shanghai-based