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Chinese steel market post holiday rally fizzling out
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Thursday, 21 Feb 2013
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Surge of more than 1% in Chinese domestic steel prices on opening after Lunar New Year seems to be dying down reflected by prices of benchmark products rebars and HR have started to cool down

While the rebar prices remained in positive zone on February 20th, except for Guangzhou and Nanning, HRC prices have started backtracking at several locations in China. (www.steelprics-china.com)

Steel reinforcement bar futures in Shanghai also retreated on February 20th amid concerns that recent gains in home prices could trigger new property curbs, reducing demand for the building material.

The Shanghai Daily, citing an unidentified banking official, reported that China may increase borrowing costs and a down payment requirement for second home buyers, which is likely to cool down property sector depressing rebar market

Source – Strategic Research Institute

(www.steelguru.com)

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