CHINA REBAR: Positive economic data boosts futures, spot prices

China’s domestic rebar prices moved up on Monday October 19 following early gains in the futures market, which received a boost from positive economic data for the third quarter.

Domestic
Eastern China (Shanghai): 3,710-3,740 yuan ($554-558) per tonne, up by 30 yuan per tonne
China’s gross domestic product grew by 4.9% on the year in the third quarter, and is 1.7 percentage points higher than the second quarter’s 3.2% growth, the country’s National Bureau of Statistics reported.

This generated a lot of bullishness in the futures market in the early trading hours, sending the rebar contract to a high of 3,664 yuan per tonne, though it went on to retreat...

Published

Jessica Zong

October 19, 2020

09:13 GMT

Shanghai