SINGAPORE (Reuters) - Strong demand , falling stocks and production limits to reduce pollution have sent China ’s construction steel reinforcing bar ( rebar ) prices to their highest level since February 2008 . Production has been falling since pollution restrictions curbed use of sintering machines and blast furnaces in the country ’s biggest industrial city Shanghai , leaving them closed for more than 30 days . At the same time , stockpiles fell by 104,700 metric tonnes to 9.89 million mt with stocks of steel scrap and hot - rolled products also falling .
Strong demand , falling stocks and production limits to reduce pollution have sent China ’s construction steel reinforcing bar ( rebar ) prices to their highest level since February 2008 . Production has been falling since pollution restrictions curbed use of sintering machines and blast furnaces in the country ’s biggest industrial city Shanghai , leaving them closed for more than 30 days . At the same time , stockpiles fell by 104,700 metric tonnes to 9.89 million mt with stocks of steel scrap and hot - rolled products also falling .