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Chinese steel prices jump, but gains seen short-lived on modest output curbs

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Update time : 2023-05-10 16:58:02
Steel prices in China rebounded sharply May 8 on optimism over reduced steel output, but the rally may run out of steam as some market participants saw production curbs not enough to offset weak demand.

he Chinese domestic hot rolled coil prices in Shanghai spot market jumped Yuan 100/mt ($14.5/mt) on the day to Yuan 3,950/mt on May 8, while the rebar spot market prices in Beijing was up Yuan 90/mt on the day to Yuan 3,750/mt, S&P Global Commodity Insights data showed.

The gains come after output controls were announced in northern China's Tangshan city, the country's largest steelmaking hub.

However, according to market participants, actual steel output cuts at mills remained at a smaller scale, and the price rise would discourage further production control, which may even lead to a rebound in steel output.

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