Rebar Prices Fall As China's May Manufacturing PMI Is Far Below Market Expectations, Leaving Market Players Pessimistic Over Future Demand

SHANGHAI, Jun 1 (SMM) –Rebar futures closed down 0.57% at 3,463 yuan/mt yesterday. Spot prices also fell slightly. China's May manufacturing PMI was far below market expectations, leaving market players pessimistic over future demand. Traders lost buying interest while end users restocked as needed. Supply was not reduced in the off-season, which could intensify supply-demand imbalance. This round of price decline has fully priced in macro factors. Poor fundamentals and lower raw material prices will keep rebar prices at lows.