China's Ministry of Commerce (MOC) has announced that during last week (November 18-24) the overall average finished steel price in China moved up on week-on-week basis.
In the given week, the average prices of rebar, high-speed wire rod and hot rolled coil moved up by 2.2 percent, 1.8 percent and 0.7 percent, respectively, week on week.
Strong demand from downstream users and rises in raw material prices exerted a positive impact on steel prices.
Rebar futures (RB 2001) prices at the Shanghai Futures Exchange came to RMB 3,596/mt ($511/mt) on Wednesday, November 27, losing RMB 45/mt ($6/mt) over the day and declining for the second straight day. Compared to November 20, rebar futures have dropped by more than two percent.