China steel prices jump on rising input costs

Jan 13, 2011 | 11:44 AM |

Steel prices moved higher Thursday in the Chinese market, driven by rising spot tags and raw material costs.

Rebar futures approached record highs, with the benchmark May rebar contract on the Shanghai Futures Exchange closing at 4,861 yuan ($735.50) per tonne Thursday, up 0.3 percent from the previous day and a mere 20 yuan ($3) from the record high.

"Rebar will touch a new high of 4,900 yuan ($741) per tonne soon as the market expects prices to continue climbing after the Chinese New Year (holiday), supported by price hikes at major steel mills and rising raw material prices," said Jing Chuan, general manager of Great Wall Futures Co. Ltd.....

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