MANILA: Chinese rebar futures rose on Wednesday to their highest in four weeks, buoyed by fresh signs of increased government support for the troubled property sector and stimulus measures to shore up the ailing domestic economy.
Iron ore prices, however, remained range-bound. The most-active January rebar contract on the Shanghai Futures Exchange ended morning trade 0.3% higher at 3,823 yuan ($528.86) a tonne, after touching its highest since Aug. 29 at 3,856 yuan earlier in the session.
October rebar held firm at 3,961 yuan a tonne, its strongest daytime finish since Sept 13.
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