China's Ministry of Commerce (MOC) has announced that during last week (November 4-10) the overall average finished steel price in China edged up on week-on-week basis.
In the given week, the average prices of rebar and high-speed wire rod moved up by 0.4 percent and 0.1 percent, respectively, while steel channel prices have remained stable, week on week.
Official measures to tackle air pollution in many regions of China have provided support for rebar and wire rod prices.
Rebar futures (RB 2001) prices at the Shanghai Future Exchange came to RMB 3,449/mt ($491/mt) on Tuesday, November 12, up RMB 81/mt ($11.6/mt) from the previous day and up RMB 15/mt ($2.1/mt) compared to November 5.