China's domestic rebar prices bounced back on Wednesday October 17 on a pick-up in trading activity following gains in the futures market, erasing the losses incurred a day earlier.
Domestic Eastern China (Shanghai): 4,550-4,590 yuan ($658-664) per tonne, up 10-20 yuan per tonneNorthern China (Beijing): 4,340-4,380 yuan per tonne, up 10 yuan per tonneA few end users raised procurement rates on the steady increase of futures. Gains in the futures market during the day, coupled with an increase in the price of billet, propped up the spot rebar market.Local authorities in Shanghai are imposing a...