China's domestic rebar prices moved up on Monday January 7 following gains in the billet and futures markets over the weekend.
Domestic Eastern China (Shanghai): 3,730-3,780 yuan ($543-550) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,650-3,680 yuan per tonne, up 30-50 yuan per tonneA notice late last Friday from the Chinese central bank regarding its decision to lower banks' reserve requirement ration (RRR) - the amount of cash they have to hold as reserves - sent the price of billet and futures higher. The People's Bank of China will cut the...