SHANGHAI: China steel prices jumped to record highs on Tuesday, boosted by strong domestic demand and concerns over supply curbs in the world’s biggest producer and exporter of the construction and manufacturing material.
Construction steel rebar on the Shanghai Futures Exchange scaled the highest level on record, or since 2011, with the benchmark May contract gaining as much as 2.4% to 5,200 yuan ($793.42) a tonne.
Shanghai prices of hot-rolled coil, steel used in car bodies and home appliances, hit the loftiest since 2014, data available on Refinitiv Eikon showed, with the benchmark May contract rising 1.3% to 5,589 yuan a tonne. Production restrictions in China’s top-steelmaking city of Tangshan during the peak demand season have brought down stocks at commercial warehouses and created a “bullish atmosphere” for the market.
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