China's domestic rebar prices increased further on Wednesday July 8 on restocking demand and rising futures.
Domestic
Eastern China (Shanghai): 3,560-3,590 yuan ($507-511) per tonne, up by 30 yuan per tonne
Rising futures encouraged some buyers to start replenishing their stock in the past couple of days, sources said.
A trader in eastern China said he sold 30% more rebar on Wednesday than each day last week on average.
But market participants do not expect the restocking demand to last due to the effect of the...