China Spot Steel Prices fall further

In Beijing, grade III rebar traded at 3,520-3,590 yuan ($569-580) per tonne, down 20 yuan ($3) per tonne from Wednesday. In Shanghai, the same product was sold at 3,230-3,310 ($522-535) yuan per tonne, also down 20 yuan ($3) per tonne for the day.

The price of billet in Tangshan accelerated its decline since last weekend, which hurt market confidence and slowed down trade in the semi-finished product. It was traded at 2,930 yuan ($474) per tonne on Thursday, down 10 yuan ($2) per tonne from Wednesday