Most traded May’16 Chinese rebar contract on Shanghai Futures Exchange has increased by 2.8% to RMB 1,744/MT (USD 269/MT), after reaching to RMB 1,757/MT earlier, which was the highest level since 17 Nov’15.
Index has increased due to downfall in rebar stock by 0.8% W-o-W to 3.65 MnT in 28 major Chinese cities, as per sources.
Chinese rebar export offers are heard to be at the same level of USD 252-255/MT, FoB for Jan’16 end shipment.
Meanwhile, iron ore commodity contract on Dalian Commodity Exchange for May’16 has also risen by 4% to RMB 309.50/MT (USD 47.74/MT). Earlier, it had touched the highest level of RMB 311/MT (USD 47.9/MT).
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