Steel reinforcement bar futures climbed for a second day on expectations that government policies will spur urban development,boosting demand for the material used in housing and infrastructure.
Rebar for delivery in May rose 0.1 percent to CNY 3,878 per tonne,the highest close for a most active contract since July 16.
Futures have lost 7.9%this year.
The Shanghai Securities News,citing a draft plan by the National Development and Reform Commission on urbanization,reported that China's smaller cities and towns will loosen controls on residency and urbanization is expected to spur CNY 40 trillion of investment by 2020
But a cold front has swept most of China with snow and rain forecast for the Yangtze Delta region around Shanghai,portions of Yunnan province and other parts of southern China.Freezing temperatures and snowfall in northern China in the past week blocked expressways in Xinjiang.Construction has pretty much halted across the country as the winter bears down
