China’s domestic rebar prices edged up day on day on Thursday May 28 amid active trading following futures gains, sources said. DOMESTIC - Eastern China (Shanghai): 3,510-3,540 yuan ($491-495) per tonne, up by 10 yuan per tonne Some end users increased procurement rates following the strong futures prices, although many others still kept their purchases limited, Fastmarkets heard. Stronger demand pushed up steel rebar prices, but market participants do not expect further price rises because heavy rains and high winds are halting construction activity and are set to continue in the next couple of days in many regions.
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