CHINA REBAR: Futures rise after MIIT announces measures to cut output

China's domestic rebar prices rose on Wednesday January 27 on rising futures following news that the Ministry of Industry & Information Technology would require mills to cut their crude steel output in 2021.

Domestic
Eastern China (Shanghai): 4,280-4,310 yuan ($661-666) per tonne, up by 20 yuan per tonne
The news coupled with the fact that a few mills already cutting production on their own accord due to losses pushed up both the futures and spot markets.

But end-user demand continued to drop ahead of the upcoming February 11-17 Chinese New Year holiday. Restocking demand was also weak due to current prices being...

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