It is reported that on Tuesday the steel rebar prices in Shanghai futures advanced to record high since the middle of last month to RMB3,702/ton.
The overall Chinese steel price index also went up by 3 points. It is analyzed the determination to resolve the oversupply issue and to improve weak steel prices by the central government has sent the signals of promoting a brighter outlook for steel market demand domestically and abroad according the market insiders.
The new export orders received by Chinese steel mills also shown the signs of the marked recovery to support the future price level to higher ground.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=67541&division=A4
