China's spot rebar trades lower in northern China following
the drop in billet prices.
In Beijing, rebar was traded at 3,390-3,470 yuan ($535-548)
per tonne, down 40 yuan per tonne from Wednesday. In Shanghai, spot rebar
prices were unchanged at 3,350-3,580 yuan per tonne.
According to market players, “Traders slashed prices
because billet fell a lot yesterday, but we noticed that trading volume
increased”.
Rebar in futures market also fell slightly and the
most-traded January rebar contract on the Shanghai Futures Exchange went down by
8 yuan per tonne to settle at 3,458 yuan per tonne.
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