Steel prices in China rose on Monday, recovering some of their losses last week, as investors are betting on tighter supplies due to government cuts, offsetting concerns about slow demand and rising inventories.
Recently, the government has focused on the fight against induction furnaces that produce fittings used for construction, the deadline ends June 30. Efforts to close small, low-tech furnaces are aimed at reducing excess capacity in the fight against air pollution.
Analysts estimate that induction furnaces produced about 50 million tonnes of rebar last year - about a quarter of China's rebar output. The most popular rebar contracts on the Shanghai Futures Exchange added 1.47 percent at 1,097 yuan ($ 454.21) a tonne during Monday trading.
Regardless, rebar, an important building steel material, is close to its first quarterly loss since Q4 2015 amid growing concerns about weakening demand. Hot weather in the north and heavy rainfall in the south usually slow down construction activity in the summer, limiting steel purchases.
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