CHINA REBAR: End-user demand picks up, but selling pressure remains

China's domestic rebar prices dropped on Monday March 9 due to selling pressure and early losses in the futures market, though sentiment remained positive with more construction projects restarting work after an extended break after the Chinese New Year.

Eastern China (Shanghai): 3,370-3,400 yuan ($486-490) per tonne, down 40 yuan per tonne
Northern China (Beijing): 3,260-3,300 yuan per tonne, down 10-20 yuan per tonne
Rebar futures plunged to 3,350 yuan per tonne in the first few hours of trading from last Friday's closing price of 3,441 yuan per tonne - a 91-yuan-per-tonne tumble. The contract went on to recover most of the losses over the remainder of the day however.

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