Sellers in China’s domestic rebar market stopped lowering prices on Tuesday May 25, which led to a pick-up in end-user demand.
Domestic
Eastern China (Shanghai): ۴,۹۰۰-۴,۹۲۰ yuan ($762-765) per tonne, unchanged
The stable prices encouraged contractors in the construction sector to replenish their inventories during the day.
But transacted tonnages were not large because these buyers are not too bullish about rebar prices.
Property developers are also experiencing tight capital flows because they have to lower their debt ratios.
As such, they are not spending a lot on construction materials such as rebar, a trader in Shanghai said.
Market chatter
“The market outlook is mixed. Some think prices have reached the bottom and will rebound soon because of high production costs, but others expect prices to remain under pressure as a result of a weakening in demand in response to rising temperatures as the country heads into the summer season,” an industry analyst said.
Billet
As at 3pm, billet was being traded at 4,940 yuan per tonne including value-added tax in Tangshan, up by 20 yuan per tonne from a day earlier.
Shanghai Futures Exchange
The most-traded October rebar futures contract closed at 4,919 yuan per tonne on Tuesday, down by 55 yuan per tonne from a day earlier.
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