BEIJING: Chinese steel futures traded in a tight range on Thursday, as investors looked for government measures to uplift its economy reeling from a recent resurgence in COVID-19 cases.
The cabinet said on Wednesday China would use timely cuts to reserve requirement ratios and other policy tools to support the economy, as well as industries and small firms hit by the pandemic.
The most-active construction material steel rebar contract on the Shanghai Futures Exchange, for October delivery, inched up 0.3% to 4,990 yuan ($783.80) a tonne as of 0330 GMT.
Hot rolled coils used in the manufacturing sector jumped 0.6% to 5,159 yuan per tonne. The May contract of stainless steel futures gained 0.4% to 19,740 yuan a tonne.
Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, dipped 0.9% to 892 yuan a tonne, tracking spot 62% iron ore which fell $2 to $152 per tonne in the previous session, according to SteelHome consultancy.