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Home / Metal News / Chinese steelmakers hiked spot rebar quotes following substantial rally in futures
Chinese steelmakers hiked spot rebar quotes following substantial rally in futures
Nearly 20 major steelmakers in China have raised their quotes for spot construction steel sales following a substantial rally in futures that began in early April.
The increases in quotes, varying from 10 to 50 yuan/mt, did not mute trades, SMM research found.
SHANGHAI, Apr 14 (SMM) – Nearly 20 major steelmakers in China have raised their quotes for spot construction steel sales following a substantial rally in futures that began in early April.
The increases in quotes, varying from 10 to 50 yuan/mt, did not mute trades, SMM research found.
The most active rebar contract on the Shanghai Futures Exchange for October hit a nearly four-week high of 3,425 yuan/mt in early morning trade on Tuesday. This was up about 10% from a trough of 3,103 yuan/mt plumbed on April 2.
Demand recovery and stimulus efforts by Chinese authorities are believed to contribute to the recent rally in rebar futures.
The physical market, however, saw a less significant bounce, as recovering output from electric arc furnace mills, switches from flats to longs at blast furnace mills and record-high inventories, limited stream in spot prices.
Market commentary
Rebar
For queries, please contact William Gu at williamgu@smm.cn
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