Post-CNY SHFE rebar prices up on positive sentiment

Rebar prices on the Shanghai Futures Exchange (SHFE) strengthened markedly during February 18 and 19, the first two business days following the Chinese New Year (CNY) holiday, SHFE data shows. The uptick mainly reflected the market’s optimism for bar demand over the short term, Mysteel Global noted.

The most traded rebar contract on SHFE for May delivery soared Yuan 138/tonne ($21.3/t) from the settlement price of February 10, the last working day before CNY, to close the day-time trading session on February 19 at Yuan 4,524/t. China’s steel physical market also witnessed a similar trend, with Mysteel’s