Supply problems also supported iron ore prices this week. Rio Tinto, the world's second largest steelmaker, has announced force majeure for shipments to some customers following a fire at its export terminal in Cape Lambert, Australia.
The most active rebar contract on the Shanghai Futures Exchange rose 2.3 percent to 3,633 yuan a tonne, just below its daily high of 3,636 yuan, and posted its sixth weekly gain in seven weeks.
Hot rolled coils were up 3518 yuan per ton, up 1.9 percent.
Coking coal rose 0.8 percent to 1,238 yuan after declining for three straight days.
Coke rose 1.6 percent to 2,065.5 yuan. It hit 2,075.5 yuan earlier in the session, reaching its highest level in two months.
Iron ore and steel in China hit multi-month highs
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