China's domestic rebar prices surged on Monday October 12 after local authorities in the country's steel hub of Tangshan in the northern region confirmed steelmaking restrictions for the next six months.
Domestic
Eastern China (Shanghai): 3,720-3,750 yuan ($554-558) per tonne, up by 50 yuan per tonne
A total of 28 out of 30 steel mills in Tangshan are required to cut their blast furnace operating rates by 10-45% from October to March to improve air quality during the
autumn-winter heating season, according to a notice released by the city's authorities.
Prices for billet and rebar experienced strong gains in response to the development.