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BEIJING: Most Chinese ferrous futures contracts, including Shanghai hot rolled coils and Dalian iron ore, ended at record highs on Wednesday, causing analysts to alert market to risks amid the sky-rocketing prices.

The most-traded October contract of hot rolled coils on the Shanghai Futures Exchange ended up 3.5% to end at an all-time high of 6,683 yuan ($1,037.12) per tonne.

Construction steel rebar on the Shanghai bourse rose 2.2% to 6,171 yuan a tonne, also a record closing high.

The stainless steel futures for June delivery jumped 2.2% to hit an all-time peak of 15,580 yuan a tonne.

“Although it’s still a bull market, the rapid price surge in short-term has accumulated risks and there’s possibility for adjustment,” analysts with SinoSteel Futures wrote in a note.

Despite a red-hot market for steel products in the past few months, China’s southern area is about to enter a rainy season that could potentially dampen demand for construction materials.

The country’s top steel auto sheet producer Baoshan Iron & Steel said in a call on Tuesday that automobile demand in the second quarter is hurt by chip shortage, while the third quarter is traditional off season.

Prices for steelmaking ingredient also gained.

Benchmark iron ore futures on the Dalian Commodity Exchange increased 2.9% to 1,337 yuan per tonne.

“The forward contract gained significantly stimulated by intensified China and Australia relations,” according to SinoSteel, adding that the possibility of limiting iron ore imports from Australia is very small, but sentiment could impact in the short run.

Analysts with Huatai Futures also reminded investors to control positions on increasing risks due to high iron ore prices.

Dalian coking coal and coke futures surged 4.6% to 2,112 yuan and 0.5% to 2,865 yuan a tonne, respectively. Spot prices of iron ore with 62% iron content for delivery to China fell $3.5 to $227.5 a tonne on Tuesday, data from SteelHome consultancy showed.