Shanghai rebar futures continue rising on Monday due to positive market sentiment and an ex-works price increase from Shagang.
“Market sentiment is positive now, which is the main reason behind the higher prices,” said an analyst in Shenzhen.
Shagang raised its rebar price for the first ten days of August by 90 yuan, and is selling its Grade III rebar at 4,050 yuan per tonne.
Rebar stocks fell by around 140,000 tonnes in China last week, according to the analyst.
January rebar closed at 4,327 yuan per tonne today on the Shanghai Futures Exchange (SHFE), up 42 yuan or 1% from last Friday.
On the Shanghai Steel Exchange (SSEC), October hot rolled coil dropped 24 yuan or 0.56% to close at 4,211 yuan per tonne.
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