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WEEKLY: SHFE rebar price bounces strongly after holidays

With only three trading days available this week due to the May 1-5 Labour Day holiday break, the most-traded rebar contract on the Shanghai Futures Exchange for October jumped by Yuan 175/tonne ($25/t) from April 30 to close Friday’s day-time trading session at Yuan 3,452/t. Robust spot market transactions after the holiday were behind the lift, Mysteel Global understood.
On May 6, the first working day after the long break, sales of rebar, wire rod and bar-in-coil among the 237 steel traders Mysteel monitors regularly reached 301,752 tonnes/day to hit a 7.5-month new peak, according to Mysteel’s daily transaction report. In fact, Chinese long steel sales have been consistently strong

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