Shanghai steel futures soar
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Update time : 2021-11-23 19:44:10
Apparent demand of five main steel products in China, including rebar, wire rod, hot-rolled coils and others, gained for two consecutive weeks and was up 4.2% last week from early-November, data from Mysteel consultancy showed. “In the short term, property-related policy is expected to see improvement, which could probably lift market sentiment,” Galaxy Futures wrote in a note, warning that spot market still faces risk of lower costs and consumption. Spot prices of rebar and hot-rolled coils are about 400 yuan and 200 yuan higher, respectively, than the currently most-traded January futures contracts. Analysts with GF Futures noted that possible marginal easing of real estate financing situation is not likely to reverse steel demand of January deliveries.
