China steel futures rose sharply for a second day on Monday, supported by hopes that Beijing’s approval of more than USD 150 billion in infrastructure projects would resuscitate steel demand

On Monday, the most-traded rebar contract for January delivery on the Shanghai Futures Exchange hit a two week high of CNY 3,508 a tonne. It closed up 2.7 percent at CNY 3,497.

Shanghai rebar futures surged by their 5% limit on Friday on the news, and spot iron ore prices posted their biggest daily percentage gain since December 2011.

Source: Reuters

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