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.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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