China's rebar prices dropped sharply in both the domestic and export markets on Friday August 9 amid bearish sentiment among market participants.
Domestic Eastern China (Shanghai): 3,650-3,680 yuan ($518-522) per tonne, down 120 yuan per tonneNorthern China (Beijing): 3,640-3,660 yuan per tonne, down 90-100 yuan per tonneHigh inventories, dropping raw material prices, and weakening demand in bad weather led to a pessimistic outlook in the rebar market, sources said. Rebar stocks in major spot markets was 6.43 million tonnes on Thursday August 8, up 100,000 tonnes from a week earlier, according to a local industry information provider.Fastmarkets' index for iron ore...