The 54% Rally in Steel Prices That Points to China's Rapid Shift
- `You've got a tight market, you've got momentum,' Weston says
- Iron ore, steel demand is getting better, Credit Suisse says
China Is Poised to Ship Out More Aluminum
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Steel reinforcement bars are about as unglamorous an industrial product as one can get. Their rally in China this week is anything but, with a surge to the highest since 2014 that’s helping to boost iron ore.
Rebar futures jumped for the fourth straight day on the Shanghai Futures Exchange, advancing 6.1 percent to 2,750 yuan ($424) a metric ton. The product that’s used to strengthen concrete is 20 percent higher this week, and up 54 percent in 2016. Iron ore futures in Dalian rose to the highest in more than a year as benchmark Metal Bulletin Ltd. prices powered above $70 for the first time since January 2015.