An earthquake in Tangshan failed to affect China's rebar prices on Monday July 13, with prices gaining due to bullish sentiment caused by rising futures prices.
Domestic
Eastern China (Shanghai): 3,600-3,620 yuan ($514-517) per tonne, up 30 yuan per tonne
Sources told Fastmarkets that sellers in Shanghai had raised their prices based on futures gains. However, physical trading was sparse with few downstream buyers placing orders.
Demand mainly came from traders who bought spot goods to arbitrage with futures prices, rather than end users, two sources in Shanghai said.
One said the futures gains were caused by investors who...