Chinese steel prices declined further on 15 March with bearish sentiment pervading both domestic spot and futures markets, partly dragged by the fragility of country’s property sector that implied sluggish downstream demand for construction steel. On Friday, China’s national prices of HRB400E 20mm diameter rebar under Mysteel’s assessment slipped by another Yuan 39/tonne (t) ($5.4/t) on day to Yuan 3,679/t including the 13% VAT, hitting a new low since May 2020. As for the futures market, the most traded rebar contract for May delivery on the Shanghai Futures Exchange (SHFE) also lost more ground, shedding by Yuan 63/t from Thursday’s settlement price to close the daytime trading session at Yuan 3,490/t on Friday.
