Uptick in Chinese rebar futures prices hiccups
Mar 05, 2021 18:00
See Full-size Table Here
Prices of Chinese rebars in Shanghai’s futures market stayed strong this week, but the rise in prices suffered a sudden bite from the unexpected 3.1% on-day drop on March 5, as jittery punters reacted to the volatility in global financial markets and Beijing’s rather cautious GDP target for this year.
The price of the most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for May dropped Yuan 152/tonne ($23.5/t) from the settlement price on March 4 to close the daytime trading session on March 5 at Yuan 4,696/t, but still some Yuan 25/t higher on week.
“The declines in metals prices