DAILY: China rebar price sinks further on lukewarm sales
Aug 24, 2020 10:30
China’s national price of HRB400 20mm dia rebar that Mysteel assesses daily softened for the third day on August 21 to Yuan 3,838/tonne ($554.6/t) including the VAT, down another Yuan 3/t on day. Steel trading, although it has improved, was below the market’s expectation.
Last Friday, trading volume of construction steel including rebar, wire rod and bar-in-coil totalled 223,043 tonnes/day. It increased 39,861 t/d or a notable 21.8% from a one-month low on August 20, according to Mysteel’s survey across 237 Chinese steel traders nationwide. However, recent sales were still not strong enough to