Reuters reported that Shanghai steel futures extended last week's rally and rose nearly 2% on Monday, buoyed by upbeat Chinese manufacturing data and higher raw material prices.
The most active rebar futures contract on the Shanghai Futures Exchange was up 1.77% at CNY 3,963 (USD 640) a tonne by midday close on Monday, after easing from a fresh five month high of CNY 3,969. The contract is on track to end the year 4.6% lower.
Traders said that the rise in Shanghai rebar came as the price of steel billet in China's key Tangshan area rose to CNY 3,730 from 3,300 on December 27.
