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Markets

Shanghai steel futures jumps, set for weekly gains on raw material strength

  • Shanghai stainless steel futures, for July delivery, fell 2.6% to 15,705 yuan a tonne.
Published June 4, 2021
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BEIJING: Chinese steel rebar and hot rolled coils futures rose on Friday and on course for weekly gains, shored up by rising raw materials prices, but gains were limited by concerns over the upcoming rainy season hurting demand.

The most-traded construction rebar on the Shanghai Futures Exchange, for October delivery, jumped 2.1% to 5,199 yuan ($811.91) a tonne. The contract is set to post a 5.5% gain for the week.

Hot rolled coils, used in cars and home appliances, rose 1.2% to 5,486 yuan per tonne and are about to report 3.0% weekly gain.

Stockpiles of rebar held by traders and at mills fell 3.3% to 10.42 million tonnes as of Thursday, while hot rolled coils inventories increased 0.9% to 3.54 million tonnes, weekly data compiled by Mysteel consultancy showed.

"Rebar demand from real estate and infrastructure sectors last month was weaker from a year earlier and faces off-peak season demand on a monthly basis," analysts with GF Futures wrote in a note, adding that hot rolled coils consumption is pending overseas market.

Shanghai stainless steel futures, for July delivery, fell 2.6% to 15,705 yuan a tonne.

Prices for steelmaking ingredients on the Dalian Commodity Exchange declined.

Benchmark iron ore futures, for September delivery, opened more than 3% down and slipped 1% to 1,179 yuan a tonne as of 0315 GMT.

Dalian coking coal futures were down 2.1% to 1,852 yuan per tonne.

Coke futures slid 3% to 2,581 yuan a tonne.

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