China's domestic rebar prices continued to drop on Monday May 27 amid losses in the futures market and pessimistic sellers drawing down their inventories.
Domestic Eastern China (Shanghai): 4,000-4,050 yuan ($580-587) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,930-3,970 yuan per tonne, down 20 yuan per tonneTraders are bearish about demand and prices for rebar in June because it is typically a low season due to higher temperatures in the summer. This heightened destocking interest among them, resulting in them lower their prices toward that end,...