Reuters reported that Shanghai steel futures jumped more than 2% on Thursday in their biggest single day gain in three weeks after China slashed its bank reserve requirement for the first time in three years and central banks around the world came to Europe's rescue.

The most-traded May rebar contract on the Shanghai Futures Exchange climbed 2.4% to close at CNY 4,174 per tonne, its steepest gain since November 11.

Rebar hit a session high of CNY 4,247, a level not seen since October 17.

The half percentage point cut in China's bank reserve requirement ratio, seen as a policy shift to ease credit access and shore up the world's second largest economy. The RRR cut means more liquidity and can cheer up the market.

(Sourced from Reuters)