Rebar Shanghai Futures Exchange contract has move up today by 2.1% owing to production cut by many Chinese steel mills. Market participants reported production cut by steel mills is likely to decrease their inventory level in the upcoming months.
In general, production is likely to reduce in coming Feb’16 as new Lunar Year holiday is approaching.
The most-traded May rebar contract on the Shanghai Futures Exchange gained by 2.1% to RMB 1,770/MT (USD 272.96/MT) today.
Rebar export offers from China are currently stable at USD 250-255/MT as compared to last week.
Iron ore commodity contract on Dalian Commodity Exchange for May’16 also rose by 1.47% at RMB 311.5/MT (USD 48.03/MT). Earlier, it had touched the highest level at RMB 311/MT (USD 47.9/MT).
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