China’s domestic rebar prices stopped rising on Tuesday April 27 because buying interest dropped after Monday’s price hike, sources told Fastmarkets.
Eastern China (Shanghai): 5,200-5,230 yuan ($802-806) per tonne, unchanged
End users felt it was difficult to keep high procurement rates at their current prices and they bid lower, a trader in Shanghai said.
Sellers maintained prices because the futures market was so strong and after the disagreement on prices caused rebar trading activity to drop over the day.
Rain in the eastern and southern parts of China as well dust storms in the north were all additional reasons to push down rebar demand.
Market chatter ***
“Stockists want to sell rebar from their inventories because they have good profits and they’re not very confident of further price rises before the national holiday,” a second trader said.
As of 3pm, billet was being traded at 4,980 yuan per tonne including value-added tax in Tangshan, unchanged from a day earlier.
Offers for imported steel billet were heard at $685-690 per tonne cfr China, which market sources thought was too high to conclude deals.
One importer in eastern China was heard bidding at $670 per tonne cfr but no suppliers agreed to make a deal.
Shanghai Futures Exchange ***
The most-traded October rebar futures contract closed at 5,411 yuan per tonne on Tuesday, up by 40 yuan per tonne from a day earlier.
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