The China rebar reflects the transactable value of physically-traded rebar, the long steel product that underpins the construction industry. As the Chinese rebar exports have a large volume, they largely influence not just the trade price in Asia, but the world, commented Platts managing editor for steel and raw materials, Keith Tan.

“With steel being in excess capacity globally and price competition among producers and traders intensifying, the daily Platts assessment will be closely watched as a barometer of rebar spot prices,” he added.

Platts data showed that the physical spot market price of rebar was assessed at US$282.50 per metric tonne (mt), down $7.50/mt (2.6 percent) from the beginning of August; this is also the lowest level the price has reached since 2006.