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China’s ferrous futures up on growing optimism for H2

On July 8, prices of all the ferrous futures including rebar, hot-rolled coil (HRC), and iron ore all surged substantially in China on the growing market optimism for the second half of 2020 and more capital flow into the stocks and commodities markets, market sources shared, noting that the related spot prices had been boosted too.
The most-traded October rebar contract on the Shanghai Futures Exchange (SHFE) gained Yuan 66/tonne ($9.4/t) from the settlement price on July 7 to close the daytime trading session on July 8 at Yuan 3,702/t, and SHFE’s most-traded October HRC contract grew by Yuan 68/t to Yuan 3,696/t at the close

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