It's reported that steel rebar futures at the Shanghai Futures Exchange (SHFE) posted the biggest weekly growth in more than two years on expectations of awakening Chinese economy will boost demand. Rebar for May delivery last Friday closed at RMB3, 656/ton on the SHFE, increasing by 1.7% from a day earlier and climbing by 4.6% for the week, making it the biggest growth since the week ended October 15th 2010. Analysis finds that the country's daily production increased from 1.6 million tons last year to 1.9 million tons per day since this October. Steel companies have enjoyed some profits and tend to be firm on their prices on continued improvement of growing demand.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=61988&division=A4
