China's domestic rebar prices retreated again on Thursday August 5 after a two-day rebound, because of destocking, sources told Fastmarkets.
Domestic Eastern China (Shanghai): 3,670-3,730 yuan ($522-527) per tonne, down 30 yuan per tonneNorthern China (Beijing): 3,610-3,630 yuan per tonne, down 20 yuan per tonneFutures picked up today, stimulating some buying interest and traders with large inventories cut prices to seek higher sales volumes, sources said. Market activity was higher than in the past few days, a trader in Shanghai said. With some mills cutting production, rebar inventories are dropping, which...