Commonwealth of Independent States-based (CIS) rebar and wire rod exporters had to revise their prices significantly downward over the assessment week following the drop in prices in the Turkish and Chinese markets, sources said.
Stronger state control over speculation in the domestic market in China have sent rebar futures and physical prices down since mid-May.Fastmarkets' price assessment for steel reinforcing bar (rebar) domestic, ex-whs Eastern China was 4,900-4,920 yuan ($769-772) per tonne on Tuesday, down by 100-110 yuan per tonne day on day and by 1,100-1,110 yuan from a peak of 6,000-6,030 yuan per tonne...