China's domestic rebar prices moved higher on Monday March 18 as stockists looked to replenish inventories, despite many spot traders opting to sit on the sidelines as they digest the implications of the reduction in the Chinese value-added tax (VAT) rate from next month.
Domestic Eastern China (Shanghai): 3,850-3,900 yuan ($573-581) per tonne, up 40-50 yuan per tonne Northern China (Beijing): 3,840-3,890 yuan per tonne, up 40-50 yuan per tonneThe announcement last week by the Chinese government that it is to cut the VAT rate continued to create chaos in the spot market, leading many participants to back off and adopt a wait-and-see position,...