China's domestic rebar prices lost upward momentum on Tuesday November 3 on a weaker futures market and amid rising concerns over mills profiting from high rebar output.
Domestic
Eastern China (Shanghai): 3,810-3,840 yuan ($569-574) per tonne, unchanged
Some buyers cut procurement rates on seeing the weaker futures market, but while trading activity dropped off slightly, most end users kept up their regular purchases, traders said.
The reduced demand stopped rebar prices continuing Monday's upward.
And market participant expectations of high production rates also put...