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WEEKLY: SHFE rebar prices plummet on bearish sentiment

At the close the daytime session on September 18, the most traded rebar contract on the Shanghai Futures Exchange (SHFE) for next January delivery had decreased Yuan 44/tonne ($6.5/t) from the settlement price one week earlier to settle at Yuan 3,603/t as pessimism pervaded in the market, despite lower stocks and generally stable demand.
“The stocks declined, but only by a small amount, and for now, actual long-steel demand is stable but not strong enough to match the initial expectations of market players,” a Shanghai-based trader stated, adding that demand for flat steel has also shown signs of weakness. The trading volume of rebar, wire


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