WEEKLY: SHFE rebar climbs on stronger outlook

The most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for October delivery gained another Yuan 71/tonne ($10.1/t) on week to end Friday’s daytime trading session at Yuan 3,690/t, mainly thanks to growing market expectations of a steel demand recovery when the wet season rains recede in a week or so, Mysteel Global has learned.
“Traditionally, the country’s wet season will draw to a close by the middle of July and then the rains will become progressively less intense,”said a Beijing-based futures analyst.“Steel demand from domestic construction projects after the wet season is likely to soar since consumption has stumbled twice this year – first


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