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SHFE rebar jumps $13/t as Tangshan reinforces curbs

The most-traded rebar contract on the Shanghai Futures Exchange, that for October delivery, jumped by Yuan 88/tonne ($13/t) from last Friday’s settlement price to end Monday’s day-time trading session at Yuan 3,904/t.
The marked increase in rebar futures was in response to Sunday’s news that the government of Tangshan city, China’s largest steel production hub in North China’s Hebei province, had decided to strengthen production restrictions on the sintering, blast furnace, converter and lime kiln operations of local steelmakers beginning June 23.

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