China's domestic rebar prices posted strong gains on Monday April 22 amid gains in the futures market, though concerns have emerged over an increase in supply.
Domestic Eastern China (Shanghai): 4,120-4,150 yuan ($614-619) per tonne, up 60-70 yuan per tonne Northern China (Beijing): 4,050-4,080 yuan per tonne, up 40-50 yuan per tonneRising futures improved sentiment in the spot market during the day, resulting in higher prices for the physical product.But market participants are not very optimistic about prices from May onward due to high production rates.China produced 52.99 million tonnes of rebar in the first quarter of this year, up 12.8% year on year, according to the National Bureau of...