Lower domestic spot inventories and positive sentiment led to a surge in China's rebar futures market on Thursday March 7, although spot prices dropped slightly in some cities.
Domestic Eastern China (Shanghai): 3,780-3,810 yuan ($563-568) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 3,750-3,800 yuan per tonne, unchangedSellers in Shanghai cut prices under the pressure of weak futures in early-hours trading. However, rebar futures picked up sharply later in the session after inventory data released by a local industry information provider showed that Chinese domestic rebar inventories stood at 10.11 million tonnes on Thursday, down 74,500...