China's rebar prices continued to rise on Friday November 15, though traders have started to become more cautious about the market losing its upward momentum.
DomesticEastern China (Shanghai): 3,860-3,900 yuan ($550-555) per tonne, up 30-40 yuan per tonneNorthern China (Beijing): 3,700-3,720 yuan per tonne, up 20-30 yuan per tonneDemand was robust, especially in eastern China, amid continual gains in the futures market.A trader in Shanghai started selling rebar at 3,860 per tonne in the morning, but by the afternoon, she was motivated to raise her price on robust buying activity. She ended up selling all the mainstream-grade HRC she had in her inventory.A second trader in the city was more cautious, saying prices could turn around following this week's big...