AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

BEIJING: Chinese steel futures rose about 4% on Monday, as inventories of the industrial metals fell for a fourth straight week and downstream demand picked up. Stockpiles of five main steel products including rebar and hot rolled coils dipped 1.1% last week from a week earlier to 21 million tonnes, data from Mysteel consultancy showed, while apparent consumption rose 1.2% to 10.36 million tonnes.

“With the arrival of the peak season, demand is expected to get better, and a tightening crude steel cut policy will benefit far month steel contracts,” GF Futures wrote in a note. The most-active steel rebar on the Shanghai Futures Exchange, for January delivery, ended up 4% to 5,354 yuan ($827.68) a tonne. Hot rolled coils, used in the manufacturing sector, gained 3.8% at 5,637 yuan at close.

Stainless steel futures on the Shanghai bourse jumped 3.9% to 18,125 yuan a tonne. Prices of steelmaking ingredients on the Dalian Commodity Exchange also increased.

Benchmark iron ore futures opened 4.9% higher before giving up most of the gains. They were last up 0.7% at 835 yuan a tonne. Spot prices of iron ore with 62% iron content for delivery to China rose by $4 to $156 a tonne, according to SteelHome consultancy. “Global iron ore production growth will accelerate over 2021-2025 after stagnating during the previous five years,” Fitch Solutions wrote in a note, adding China’s ore output would grow.

Comments

Comments are closed.