China's domestic price was stable on Monday February 1 due to a combination of dropping demand and high production costs, while the export price fell on market participants' concerns of a potential cut of the export rebate.
Domestic
Eastern China (Shanghai): 4,280-4,310 yuan ($663-667) per tonne, unchanged
Rain in eastern China has dampened end-user demand for rebar used in the construction industry. Adding to this, construction workers are gradually stopping work ahead of the Chinese New Year holiday that officially starts on February 11.
On the supply side, high production costs are supported rebar prices at current levels, sources said. An industry analyst said production costs at rebar mills was around 4,550 yuan per tonne.
Export
Fastmarkets' steel reinforcing bar (rebar) index export, fob China...