CHINA REBAR: Prices rise $20 on output cut expectation over two sessions

China's domestic rebar prices increased sharply on Wednesday March 3 on market participants' expectations of lower production rates during the National People's Congress and the Chinese Political Consultative Conference - two separate sessions - from March 4.

Domestic
Eastern China (Shanghai): 4,740-4,780 yuan ($733-749) per tonne, up by 130 yuan per tonne
Steel mills around Beijing, such as Tangshan, need to cut their production rates to reduce emissions during the two sessions, pushing steel billet prices up to a nine-and-a-half year high.

Rebar futures also rose sharply during the day...

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