Steel Rebar futures consolidated around the CNY 4,600-per-tonne mark, rebounding from an over five-month low around CNY 4,450 on better demand prospects in China after the world’s top steel producer will further relax coronavirus-induced restrictions. On top of that, recurring government pledges for more stimulus to support the Chinese economy lent further optimism to steel bulls. Keeping a lid on prices were persistent concerns about slowing global growth and aggressive tightening from major central banks to tame record sky-high inflation. Historically, Steel reached an all time high of 6198 in May of 2021. Steel Rebar is mostly traded on the Shanghai Futures Exchange and London Metal Exchange. The standard future contract is 10 tons. Steel is one of the world’s most important materials used in construction, cars and all sorts of machines and appliances. By far the biggest producer of crude steel is China, followed by European Union, Japan, United States, India, Russia and South Korea. The steel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our steel prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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