According to media report that weak Purchasing Managers' Index for China released by HSBC dropped to 50.5 in the month of December sending the signal of sluggish economy of China to Chinese equities and futures markets.
As results, the rebar prices on Shanghai Futures plunged for a second day on the start of this week.
However, the support of the rebar prices are the production output reduction as some steel mills in China were ordered to cut some of their facilities last week as a measure for the government's attempt to as tackle the issues of air pollution.
At the Shanghai Futures Exchange, the most active rebar for May delivery closed at RMB3,671/ton.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=67736&division=A4
