China spot rebar market further weakened

China’s spot rebar prices fell again on Monday December 24, due to weak billet prices and rising inventories.

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In Beijing, grade III rebar traded at 3,550-3,620 yuan ($562-574) per tonne, down 20 yuan from last Friday December 21.

In Shanghai, rebar prices were down 10 yuan per tonne to traded at 3,400-3,640 yuan per tonne.

“Inventories are rising, and buying interest is curbed by the cold weather,” a Shanghai-based trader said, adding that prices were unlikely to recover much in the final week of the year.

A weak billet price in Tangshan city over the past weekend had a negative impact on the rebar market.

Billet prices lost 40 yuan per tonne at the weekend but gained 10 yuan back on Monday afternoon, and the current price was still 30 yuan lower than last Friday to trade at 3,170 yuan per tonne.

Prices of 63.5% Fe content Indian fines traded flat at $135-137 per tonne cfr.

The most-traded May rebar contract on the Shanghai Futures Exchange settled at 3,783 yuan per tonne, down 10 yuan per tonne for the day.