BEIJING : Steel rebar prices in China hit their lowest in three years this week, underscoring flagging growth in the world's second-largest economy, particularly in its weak property sector.The spot price of HRB400 20mm steel rebar - used to reinforce concrete for buildings and infrastructure - fell to 3,
BEIJING : Steel rebar prices in China hit their lowest in three years this week, underscoring flagging growth in the world's second-largest economy, particularly in its weak property sector.
Disappointing demand in what is normally the peak construction season during March and April kicked off the decline, reflected in steel rebar futures falling nearly 17 per cent since late March, with any recovery some months off as China enters its typically slow summer months. China steel demand declined by 3.4 per cent in April from a year earlier versus an increase of 8.7 per cent in March, analysts at Huatai Futures said in a research note on May 21.Also, just 53.11 per cent of new special purpose bonds that are typically used to fund infrastructure projects flowed to the sector in April, down from 56.38 per cent in March and 63.29 per cent in February, analysts at China Future said in a note on May 24.
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