BEIJING- Steel rebar on the Shanghai Futures Exchange inched up 0.3 percent in early Thursday trade after three straight losses, as government financial support sparked hopes for a demand increase, although the sector is in the midst of its off-peak rainy season.
China’s finance ministry has said it is planning to sell more special treasury bonds to fund public health-related infrastructure facilities and aid a virus-hit economy, part of a proposal to issue 1 trillion yuan in such bonds this year.
The most-traded October contract of construction steel rebar, gained 0.3 percent to 3,572 yuan ($505.44) a ton, rising for the first time this week.
Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, rose 0.6 percent to 746 yuan a ton.
Spot prices of iron ore with 62 percent iron content for delivery to China, as tracked by SteelHome consultancy, held at $101.50 per ton on Wednesday, unchanged from the previous session. — Reuters
