Rebar price slumps in Hangzhou

Published: Mar 8, 2018 17:36

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In the spot market of Hangzhou city, prices of long steel slid several times by a total of 100-150 yuan/mt today. Rebar was traded at 3,930-3,960 yuan/mt, SMM learned.

SHANGHAI, Mar 8 (SMM) – In the spot market of Hangzhou city, prices of long steel slid several times by a total of 100-150 yuan/mt today. Rebar was traded at 3,930-3,960 yuan/mt, SMM learned.

A slower-than-expected recovery in steel consumption and a price slump in the futures market were the two main reasons, SMM believes. Sellers were also keen to destock due to financial constraints.

We expect steel spot prices to continue to hover at a low level in the short term.

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