Rebar for January delivery on the Shanghai Futures Exchange climbed as much as 0.5 percent to 3,773 yuan ($617) a metric ton, the highest level for a most-active contract since April 17, and was at 3,766 yuan at 10:56 a.m. local time.
ArcelorMittal raised its outlook for China’s steel consumption growth to 5.8 percent for this year, CEO Lakshmi Niwas Mittal said in an earnings call last week. Iron ore for immediate delivery rose for a fourth day on Aug. 7, adding 1.3 percent to $133.10 a dry ton, the highest since April 30, according to a price index compiled by The Steel Index Ltd.
“Prices remain strong after last week’s rally because demand is seen improving in September and October,” said Wu Jingchen, an analyst at Capital Futures Co. “Market sentiment is very bullish now.”
Rebar inventory tracked by Shanghai’s Steelhome Information Technology Co. fell for an 18th week on Aug. 9, declining 1.9 percent to 6.67 million tons, the lowest since January.
The average spot price of rebar advanced for a fifth day on Aug. 9, adding 0.5 percent to 3,517 yuan a ton, according to Beijing Antaike Information Development Co.
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