CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
Export prices have not experienced significant changes. The hot rolling coil export activity has been poorly assessed and the tax uncertainties defined for sellers and buyers have somehow pushed the market back. Some malls have priced their hot rolling coil bids at around $ 920 per tonne FOB China.
Market observation shows that the overall supply in the Chinese rebar market is currently satisfactory and meets the needs of the market, and some sellers with high inventory have decided to reduce their stock. Reducing prices in the Chinese rebar market seems to be a political affair. Futures in this area were accompanied by a growth of $ 100 per ton, which shows that the Chinese government, in the eyes of investors, can not continue the price suppression for a long time.