China's domestic rebar prices dropped on Monday March 23 amid falling futures and destocking pressure.
Eastern China (Shanghai): 3,460-3,490 yuan ($488-492) per tonne, down 40 yuan per tonne
Northern China (Beijing): 3,360-3,400 yuan per tonne, down 20-30 yuan per tonne
Rebar futures tumbled during the day amid concerns over how severe an effect the novel coronavirus (2019-nCoV) would have on the global economy.
This resulted in bearish sentiment in the spot market that sent prices falling.
Sellers who have a...