Steel futures go up by 2% and iron ore prices in spot market offered higher by 40 Yuan after Chinese traders returned back from a week long holiday.
“People are pushing up prices anticipating the market will be good. Billet and re-bar prices are up and some mills are bound to restock after the long holiday,” said a trader based in Shanghai.
Markets were prepared for this hike as steel mills tend to re-stock after holidays.
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