Re-bar futures in China surge further by 3%;iron ore up by $2-3/t

Re-bar futures and billet prices surge further on Monday morning continuing the up ward trend of Friday.

With government plans of speeding up infrastructure projects pushes up re-bar futures by 3% and billet prices by 50 yuan in spot market.Though flat steel prices remain unchanged.

Spot iron ore prices moved up by $2-3 per tonne with few more cargoes by BHP and Vale.Market traders anticipate tenders to fetch higher prices looking at positive sentiments.

Question is how long will this rally sustain? but for now there is some relief and stimulus plan has worked as oxygen.