China's domestic rebar prices picked up more downward momentum on Thursday October 15 following early losses in the futures market, though participants' outlook remains bullish.
Domestic
Eastern China (Shanghai): 3,680-3,710 yuan ($547-551) per tonne, down by 20 yuan per tonne
Rebar futures dropped to a low of 3,582 yuan per tonne in the morning before recovering in the afternoon. This weighed on buying interest in the spot market, and in turn, prices, sources said.
But market participants are not bearish about demand and prices in the next few weeks because the housing market is active.
An industry...