China’s excavator sales in the first two months of 2021 surged 149% from same period year earlier, according to a state media report, suggesting a buoyant infrastructure sector.
Meanwhile, the industry ministry and other departments jointly issued a notice encouraging new energy vehicle sales in smaller cities and rural areas. (bit.ly/3doCWqn)
The most traded construction rebar on the Shanghai Futures Exchange, for May delivery, closed up 1.0% at 5,003 yuan ($761.26) per tonne.
Hot rolled coil futures, used in cars and home appliances, jumped 1.5% to 5,467 yuan per tonne.
Benchmark iron ore futures on the Dalian Commodity Exchange also gained.
The most actively traded May contract rose 1.2% to 1,104 yuan a tonne, while the September contract - with the most open interest - jumped 2.8% to 976 yuan per tonne.
Spot 62% iron ore for delivery to China was unchanged at $166 a tonne on Wednesday from the previous session, according to consultancy SteelHome.
Other steelmaking ingredients were mixed, with Dalian coking coal plunging 4.0% to 1,591 yuan a tonne and coke rising 2.5% to 2,341 yuan per tonne.
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