As China"s Lunar New Year"s Eve is around the corner, most of steel traders in Shanghai have raised their quotations in response to growing local demands before a week long break.
Last week, second grade 16mm to 25mm rebar was quoted at RMB3,610~3,620/ton; however the rebar without inspection is quoted about RMB3,600/ton. Meanwhile, 28mm to 32mm rebar is quoted at RMB3,790/ton; 10mm to 14mm rebar stayed at about RMB3,650/ton.
On the other hand, carbon steel wire rod was transacted at about RMB3,680/ton, and high speed wire rod raised to about RMB3,740/ton. Source: Yieh.com