CHINA STEEL WRAP: Prices down on weak demand
September 16, 2013 - 11:35 GMT
KEYWORDS:China steel wrap , hrc , rebar , spot 63.5% Fe iron ore
China’s spot steel prices fell on Monday September 16, as thin buying depressed sentiment in both longs and flats markets.
In Beijing, grade III rebar was traded at 3,460-3,530 yuan ($562-573) per tonne during the day, down 40-50 yuan ($6-8) per tonne from last week. In Shanghai, prices for the same product fell 10-20 yuan ($2-3) per tonne over the same period to 3,370-3,500 yuan ($547-568) per tonne. “Sales were poor today, restocking activities before the mid-autumn holiday on Thursday and Friday didn’t happen as expected,” a Shanghai-based trader said. “Sentiment was mixed last week, but weakened on Monday after the plunge in rebar futures,” she added. The most-traded January rebar contract on the Shanghai...