CHINA STEEL WRAP: Prices down in weak market November 19, 2013 China’s spot steel markets continued to weaken on Tuesday November 19 as slack demand and ample supply put further downwards pressure on flats and longs prices. In Beijing, grade III rebar was traded at 3,420-3,440 yuan ($558-561) per tonne, down 10 yuan ($2) per tonne from Monday. In Shanghai, the same product was traded at 3,530-3,630 yuan ($576-592) per tonne, also down 10 yuan ($2) per tonne for the day. All prices are inclusive of VAT. “There is a shortage of 16mm and 25mm rebar produced by east China-based mills. But cargoes from north China are making up for that shortfall. There is sufficient supply of other sizes of rebar,” a trader based in Shanghai said. “Though the steel futures market recorded gains today
Posted on: Tue, 19 Nov 2013 12:08:25 +0000