High production costs have been supporting China's domestic rebar market for the past couple of weeks, with prices in the eastern region unchanged on Friday August 28 despite slower trading.
Domestic
Eastern China (Shanghai): 3,640-3,670 yuan ($528-533) per tonne, unchanged
Northern China (Beijing) weekly assessment: 3,620-3,650 yuan per tonne, down by 30-40 yuan per tonne
High prices for raw materials left most rebar producers in China with zero profit over the past two weeks, which prevented rebar from dropping despite weaker demand, market sources said.
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