Local Chinese longs prices fall unabated amid raw material downtrend, demand worries
As of April 17, average Chinese domestic rebar and #wirerod prices have continued to go down unabated, under pressure from still insufficient demand and the downtrend of raw material prices.
The average #rebarprice has decreased by RMB 63/mt compared to April 10, while the average 6.5 mm HPB 300 wire rod price has declined by the same amount. #Rebarprices have seen a drop of RMB 13/mt compared to last Friday.
During the given week, rebar and wire rod prices in the Chinese domestic market have continued their downtrend amid decreasing coke prices. Market players are worried about #steelprices due to declining raw material prices. Meanwhile, rebar and wire rod producers have chosen to reduce production outputs amid shrinking profitability.
