China steel futures surge to multi-year highs on strong downstream demand
Enrico Dela Cruz
Rebar rallies to highest since Aug 2011*
Hot-rolled coil jumps to record peak*
Iron ore pulls back from all-time high
By Enrico Dela CruzMANILA, June 24 (Reuters)
- China steel futures surged on Monday, with construction material rebar hitting a near eight-year high and hot-rolled coil climbing to an all-time peak, on robust downstream demand amid heightened production curbs.
The most-actively traded rebar contract for October delivery on the Shanghai Futures Exchange jumped as much as 3.9% to 3,966 yuan ($577.22) a tonne, its highest since August 2011.Hot-rolled coil, steel used in cars and home appliances, advanced by 5.9% to a life high of 3,928 yuan a tonne, based on available Refinitiv Eikon data beginning March 2014.
Steel demand from downstream sectors in China has turned “very strong”, said Singapore-based data analytics company Tivlon Technologies.“Tivlon Technologies is also getting bullish on steel margins over the next 10 weeks in China” amid heightened production restrictions in some of the country’s steel hubs, said Tivlon steel and iron ore data scientist Darren Toh.
Image of the new CBD currently being built in the New Administrative Capital of Egypt, about 45km east of Cairo
Imagine the steel involved in this project. http://en.people.cn/n3/2019/0417/c90000-9567515.html
Prices of China’s steelmaking raw materials, however, were mixed, with iron ore retreating from last week’s record highs, while coke extended gains into a fourth session.
The most actively traded iron ore contract for September delivery on the Dalian Commodity Exchange fell as much as 3.5% to 793.5 yuan a tonne.
Tight iron ore supply at Chinese ports as a result of a decline in supply from Brazil amid increased domestic demand, is widely expected to continue supporting prices.
Iron ore inventory at ports had declined further to 116.75 million tonnes as of last week, from 118.7 million tonnes a week earlier SH-TOT-IRONINV, latest data from SteelHome consultancy showed.
That was the lowest level since early 2017.Dalian coking coal futures slipped as much as 1.6% to 1,366.5 yuan a tonne. Coke futures rose as much as 2.3% to 2,121 yuan a tonne.$1 = 6.8709 yuan Reporting by Enrico dela Cruz; Editing by Subhranshu Sahu
https://in.reuters.com/article/asia-ironore/china-steel-futures-surge-to-multi-year-highs-on-strong-downstream-demand-idINL4N23V0O1
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