extract from sp angel newsletter20 Aug 2018 16:47
Chinese steel rebar 25mm US$695.0/t vs US$675.9/t
•Rebar futures in Shanghai are heading to the highest close since 2012, extending the run of six weekly gains, on the potential for earlier-than-expected production curbs across Tangshan, a key steelmaking hub. Rebar for Jan. +1.1% to 4,348 yuan/ton on the Shanghai Futures Exchange, following +2.4% growth last week.
•On Friday, there was speculation among investors that Tangshan will advance winter curbs to Sept. 1 and mills will limit output by at least half, according to Shanghai Metals Market.
•Recent low inventory levels near January’s bottom indicates demand is remaining robust, with stable consumption across infrastructure and real estate, with strong momentum expected into September as the construction season starts.