China's domestic rebar prices rose further on Thursday May 16 on gains in the billet and futures markets, though trading activity fell in response to the increases.
Domestic Eastern China (Shanghai): 4,020-4,040 yuan ($585-587) per tonne, up 20-30 yuan per tonneNorthern China (Beijing): 3,950-4,000 yuan per tonne, up 20 yuan per tonneMills raised their offers following the gains in the futures market since Wednesday, as well as that in the billet market during the day.But market sources said the higher spot prices for rebar was not driven by demand.One of them - a Shanghai-based trader - noted that trading activity on Thursday had thinned in comparison with a day earlier. A second trader in Shanghai concurred, saying some buyers might...