Rebar contract prices on Shanghai Futures Exchange for October delivery reached RMB 4,266/mt ($624/mt), highest since April 2012 on Tuesday, August 7, before going down to RMB 4,236/mt ($619/mt) on August 8.
It is believed that the rise in prices is due to the announced production cuts announced in the Province of Hebei in the winter season and also the electricity rationing which affected 30 percent of the steel production.
$1 = RMB 6.84