China's domestic rebar market lost its upward momentum on Thursday July 18 amid declining futures, with expectations of a supply drop ahead of the country's National Day celebrations in October providing some support.
Domestic Eastern China (Shanghai): 3,970-4,000 yuan ($577-582) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,900-3,930 yuan per tonne, unchangedSteelmaking restrictions are anticipated in September in northern China and parts of eastern China to improve air quality ahead of the country's 70th National Day, although no official announcement has been made. A military parade is expected to be held over the October 1-7 celebrations, according to sources. As such, traders in the spot market are not...