China's domestic rebar prices were largely flat on Monday March 11 amid thin trading, with news of the Chinese government working on legislation related to a property tax having a dampening effect on sentiment in the market.
Domestic Eastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, narrowing upward by 10 yuan per tonneNorthern China (Beijing): 3,750-3,800 yuan per tonne, unchangedA senior member of China's legislature said last Saturday that the Chinese government was working on drafting laws that would serve as the legal foundations for a property tax. This weighed on sentiment in the market, a Shanghai-based trader said. Market sources said such a tax would dampen trading activity in the Chinese property market, because buyers would need to pay more for real estate. This in turn would hurt demand for rebar.A trader in northern...