China's domestic rebar prices were flat on Thursday August 29, but participants see lower prices on expectations of more relaxed production restrictions in northern Chinese steel hub Tangshan in September.
Domestic Eastern China (Shanghai): 3,530-3,580 yuan ($493-500) per tonne, unchanged Northern China (Beijing): 3,530-3,550 yuan per tonne, unchanged Sellers held their offer prices on the lower inventory data. The rebar stocks in major spot markets totaled 6.09 million tonnes on Thursday, down 220,000 tonnes from a week ago, according to a local industry information provider. The data on stock volumes was expected to push up rebar futures prices, but failed to do so, sources said. Rebar futures were pressured by participants' bearish outlook of looser production restrictions in Tangshan in September, a trader...