Chinese rebar prices stayed at a stable ~RMB4,700 /t ahead of the Chinese New Year (CNY). Alongside weakening longs demand, supply also fell with many EAF's shutting operations. The impact of the marginally loosened government policies is yet to impact the China market. Chinese longs market started to become quiet from the middle of January. Construction activities slowed as workers returned to their hometown due to concerns around recent regional Covid-19 outbreaks and any subsequent mobility restrictions. Supply also reduced as more EAFs halted their production at the same time.
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