Trade Resources Market View Shanghai Steel Futures Climbed 1.6% on Monday From a Week Long Fall

Shanghai Steel Futures Climbed 1.6% on Monday From a Week Long Fall

Reportedly, shanghai steel futures climbed 1.6% on Monday from a week long fall, showing a sign that world's No. 2 economy is on the mend.

According to a survey of HSBC that manufacturing activity in China accelerated for the first time in 13 months in November, adding to evidence that China's economy is recovering after a seven-quarter slowdown. Figures showed during last weekend that the country's official Purchasing Managers' Index (PMI) at a seven-month high in the same month.

The most traded rebar contract for May delivery on the Shanghai Futures Exchange (SHFE) increased by MB 55/ton to RMB 3,550/ton by the midday break.

However, it is said that rebar futures have been overreacted to the PMI data as demand is not really picking up.

 

Source: http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=61908&division=A4
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Steel Rebar Futures in SHFE Increase on PMI Data
Topics: Metallurgy