SHANGHAI, Aug. 22 (SMM) – Steel prices in China’s domestic market are expected to rebound in September, Shanghai Metals Market’s ferrous branch Steelease foresees.
The average price of rebar fell to 3,081 yuan per tonne Aug. 19 from 3,122 yuan per tonne on Jul. 31, a decline of 41 yuan or 1.31%.
A rebound in steel prices is expected in September following the arrival of high-demand season, government’s modest stimulus program and low stocks held by steel mills and traders, Steelease expects.
However, tight liquidity and market pessimism will prevent steel prices from rising sharply in September.