Steel reinforcement bar advanced to the highest level in almost five months after the ruling Chinese Communist Party signaled it will boost urbanization to underpin economic growth in the world's largest user.
Rebar for delivery in May rose 0.7% to CNY 3,812 per tonne on the Shanghai Futures Exchange, the highest price since July 19 and the gain pared this year's loss to 9.5%.
The contract jumped 2.8 % on December 14, the biggest one day gain in three months, after data suggested China's manufacturing may expand at a faster pace.
Source:
http://www.steelguru.com/chinese_news/Rebar_Extends_Gain_on_Demand_Outlook_as_China_Flags_Urban_Growth/295543.html
