China's domestic and export prices for rebar fell further on Thursday December 6, with a pessimistic outlook for supply and demand emerging in the market.
Domestic Eastern China (Shanghai): 3,880-3,920 yuan ($566-571) per tonne, down 20 yuan per tonneNorthern China (Beijing): 3,560-3,590 yuan per tonne, down 30-40 yuan per tonneRebar futures tumbled during the day, which weighed on spot prices. Buyers also cut their procurement rates due to bad weather. Prices are likely to continue to trend downward for the remainder of the week. Market participants are expecting rebar supply to exceed demand over the next year following a...