China steel futures climbed to their highest level since March on Monday, confirming strong demand from the world's largest producer amid data suggesting a recovery in manufacturing activity in China.
China's manufacturing sector returned to growth mode again in June, at its fastest pace in three months after unexpectedly contracting in May as new orders and production surged.
“Our steel mill customers have quite a lot of demand and we have a lot of orders at a good price,” said an iron ore seller in Shanghai.
The most active rebar contract on the Shanghai Futures Exchange rose to 3,396 yuan ($ 500) per tonne, the highest since March 16. Steel production increased by 1.8 percent. Rebar futures have gained nearly 27 percent this year.
The top-selling iron ore on the Dalian Commodity Exchange last year rose 0.9 percent to 475 yuan a tonne. Stocks of imported iron ore in Chinese ports last week reached 140.3 million tons, up 1.15 million tons from last week, the highest level since 2004.
China's Manufacturing Sector Returns To Growth Mode In June
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Azovpromstal® 3 July 2017 г. 11:26 |
