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China Armco Metals, Inc. Common Message Board

  • omarhatesyoutube omarhatesyoutube May 7, 2013 12:41 AM Flag

    Chinese Rebar Gains for Third Day

    Steel reinforcement-bar futures in China rose for a third straight session after inventory declined, boosting optimism that demand is strengthening as property developers accelerate projects.

    Rebar inventory in China tracked by Shanghai Steelhome Information Technology Co. fell to 9.23 million tons on May 3, the lowest since Feb. 22.

    “Rebar inventory should drop faster now after the May 1 holiday, and the strong housing starts should sustain a rally in the rest of the second quarter,” Wu Zhili, analyst at Shenhua Futures Co., said by phone from Shenzhen.