Industry News

Chinese steel futures track raw material prices higher

Views : 284
Update time : 2021-07-07 19:19:47
Chinese steel futures rose on Tuesday, on higher raw material prices and output-control expectations, although slowing construction activities and auto sales capped gains.

The most-actively traded construction rebar on the Shanghai Futures Exchange, for October delivery, gained 2.9% to 5,304 yuan ($821.15) per tonne at close.

Hot-rolled coils, used in cars and home appliances, jumped 3.2% to 5,604 yuan a tonne.

The August contract for stainless steel on the Shanghai bourse was up 2.2% at 16,880 yuan a tonne.

“Futures are stronger than spot prices as currently market has a relatively strong expectation on production restrictions,” GF Futures wrote in a note.

“Considering spot prices are supported by costs... (steel) will remain fluctuating at high levels,” it added.

Iron ore futures on the Dalian Commodity Exchange, for September delivery, rose as much as 3.7% to 1,242 yuan per tonne. They ended 2.8% higher at 1,231 yuan a tonne.

Spot prices of iron ore with 62% iron content for delivery to China, compiled by SteelHome consultancy, rose by $3.5 to $221 on Monday.

Related News
Read More >>
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Sep .19.2025
Taiwan's coated steel demand falls short of expectations after typhoon reconstruction
Global primary aluminum market has short supply of 119,900 tons in Jul Global primary aluminum market has short supply of 119,900 tons in Jul
Sep .19.2025
Global primary aluminum market has short supply of 119,900 tons in Jul
China's aluminum-related production statistics in Aug China's aluminum-related production statistics in Aug
Sep .19.2025
China's aluminum-related production statistics in Aug
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand
Sep .19.2025
Saudi Arabia accelerates major water transmission projects, raising pipe and long steel demand