China’s benchmark futures contracts largely surged on Thursday night, but they remained rangebound on Friday morning. By Friday afternoon, their values had more or less corrected back to where they were before the surge.
The May iron ore contract closed 2.7% higher compared with Thursday’s settlement price, while the January contract lost 1.7%. The spread between the two contracts has grown to over 50 yuan ($7.60) per tonne.
China’s spot rebar prices dipped 10-30 yuan per tonne during the...