China's domestic rebar prices gained strength on Monday November 2 on market participants' expectation of a rush to complete construction projects before the onset of a colder-than-usual winter.
Domestic
Eastern China (Shanghai): 3,810-3,840 yuan ($568-573) per tonne, up by 60 yuan per tonne
Chinese weather officials have forecast a colder winter this year due to the La Nina weather phenomenon. The forecast has led to construction projects speeding up work ahead of temperatures dropping below zero in some regions sometime in the next few weeks, causing demand for rebar to surge.
An industry analyst thinks rebar demand will remain strong at least until the...