China's domestic rebar prices fell on Wednesday January 2 after the billet market weakened over the New Year holiday.
Domestic Eastern China (Shanghai): 3,700-3,750 yuan ($538-545) per tonne, down 50-60 yuan per tonneNorthern China (Beijing): 3,600-3,650 yuan per tonne, down 20-30 yuan per tonneThe price of billet dropped sharply over the past few days due to weak demand, resulting in bearish sentiment in the downstream rebar market. Both spot and futures prices for the long steel product fell, which dampened buying interest, market sources said.ExportMB fob China Rebar Index:...