WEEKLY: China rebar futures prices up, spot prices follow
Aug 07, 2020 18:00
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The most-traded rebar contract on the Shanghai Futures Exchange for October delivery gained another Yuan 74/tonne ($10.6/t) on week to close at Yuan 3,832/t when Friday’s daytime trading session ended, SHFE data shows. Though the strong futures prices shored up sentiment in China’s spot market, concerns remain among market insiders about actual demand going forward, Mysteel Global learned.
The continuous climb in rebar futures prices also stimulated prices in the spot market to rise, with domestic prices of HRB400 20mm dia rebar strengthening by Yuan 65/t on week to Yuan 3,865/t including the 13% VAT as of August 6, Mysteel’s data showed.
“Funds issued by central authorities for the