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BEIJING- Chinese rebar and hot-rolled coil futures jumped on Monday, after the market recorded heavy losses in the past few weeks following the government’s vow to stabilize commodity prices, although they were on track to post a monthly loss.
The most-active construction rebar and hot-rolled coils contracts on the Shanghai Futures Exchange had jumped 14.5 percent and 17.5 percent, respectively, in the first 12 days this month before plunging more than 24 percent in the following two weeks.
Affected by Beijing’s policy and market sentiment, ferrous prices have dropped. But iron ore’s fall was lower than steel, which “had put up a lot of pressure on steel firms’ operation”, said Hunan Valin Steel.
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