Reportedly, shanghai steel futures climbed 1.6% on Monday from a week long fall, showing a sign that world's No. 2 economy is on the mend.
According to a survey of HSBC that manufacturing activity in China accelerated for the first time in 13 months in November, adding to evidence that China's economy is recovering after a seven-quarter slowdown. Figures showed during last weekend that the country's official Purchasing Managers' Index (PMI) at a seven-month high in the same month.
The most traded rebar contract for May delivery on the Shanghai Futures Exchange (SHFE) increased by MB 55/ton to RMB 3,550/ton by the midday break.
However, it is said that rebar futures have been overreacted to the PMI data as demand is not really picking up.