Chinese HRC and rebar prices rose because of stronger futures, short covering and production reductions:
| Eastern China HRC increased to 3,250-3,270 yuan per tonne.
| China HRC export index rose to $482.87 per tonne FOB.
| Eastern China rebar increased to 2,980-3,000 yuan per tonne.
| Weekly rebar production declined by approximately 105,100 tonnes.
| Weekly HRC production fell by another 49,300 tonnes.
Nevertheless:
Construction demand remains weak because of weather and seasonal factors.
Steel supply still exceeds demand.
Overseas buyers are resisting higher Chinese HRC offers.
The futures rebound was described as a technical recovery rather than a confirmed uptrend.
