Shanghai steel futures jumped to a record for a fifth day running on Friday, buoyed by soaring raw material costs and expectations of a pickup in demand.
The most active reinforcing bar, or rebar, contract for October delivery on the Shanghai Futures Exchange was up 0.2% at 5,199 yuan per tonne by 0105 GMT, after touching a peak of 5,210 yuan earlier. Index-based iron ore prices surged to record highs on Thursday due to tight supplies and a resumption in Chinese buying after the week-long Lunar New Year holiday.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
