China’s domestic rebar prices moved up on Monday June 1 following early gains in the futures market that emerged in response to positive data on downstream demand. DOMESTIC - Eastern China (Shanghai): 3,570-3,600 yuan ($500-504) per tonne, up by 40 yuan per tonne China’s steel purchasing managers’ index for May was 50.9 points, which is 5 points higher than that for April, the China Federation of Logistics & Purchasing (CFLP) announced over the weekend. The sub-index for new orders, which contributed the most to the growth in the steel PMI last month, was 13 points higher, at 52.9 points, the CFLP said.
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