Rebar prices in China hit a three-year low this week, underscoring slowing growth in the world's second-largest economy, especially the weak property sector.
The spot price of HRB400 20mm steel rebar decreased to 3,510 yuan ($507.80) per tonne in Shanghai this week. This price hit the lowest level since April 2020, when the start of the COVID-19 pandemic in China hampered most industrial activity.
The expected increase in demand in March and April, normally the peak of the construction season, did not materialise, leading to a decrease in prices. Rebar futures have decreased by around 17% since the end of March.
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