The war on smog pushed Chinese steel prices to a nine-year high last week amid tighter supplies and unexpectedly healthy demand, especially in eastern and southern China.
Chinese steel futures jumped on Monday after a three-day drop as production cuts at the world's largest producer deepened in line with China's air pollution campaign, which boosted supply.
The most active rebar contract on the Shanghai Futures Exchange jumped 1.6 percent to close at 3,912 yuan ($ 591.26) a tonne.
China is closing manufacturing plants in 28 cities to contain production during the winter as part of its efforts to reduce smog. Over the weekend, steel mills and coke plants in the upper metallurgical province of Hebei faced additional production restrictions, analysts said.
CISA expects iron ore imports to rise marginally in December from November, one of the highest figures as iron mines strive to meet their full-year targets while domestic miners curb production due to environmental runaway.
“Stocks of Chinese iron ore will continue to grow due to the ongoing reduction in steel production and slower appetite from steel mills that have completed replenishment of stocks,” it was reported.
Steel price in China continues to rise
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Azovpromstal® 12 December 2017 г. 10:55 |
