Participants in China's rebar market reacted differently to the impending reduction of value-added tax in the country, resulting in a widening of domestic prices on Friday March 15.
Domestic Eastern China (Shanghai): 3,800-3,860 yuan ($565-574) per tonne, widened by 10 yuan per tonne on both ends Northern China (Beijing): 3,790-3,850 yuan per tonne, widened upward by 20 yuan per tonneChina's value-added tax will be lowered to 13% on April 1 from the current 16% for the manufacturing industry, and to 9% from 10% for the construction and transportation sectors, state-owned news agency Xinhua reported. In response to the development, some buyers raised their procurement rates and...