Chinese steel futures rose for a third straight day after Beijing stepped up measures to curb steel production to curb overcapacity and help stem pollution, but overstretched demand worries.
The most active rebar contract on the Shanghai Futures Exchange rose 0.1 percent to 3838 yuan ($ 589.81) a tonne.
China has drafted stricter rules on the construction of new steel production facilities to replace obsolete facilities, which contributed to the rise in steel prices this week.
“The latest government regulations to rein in new opportunities have continued to restore sentiment, and there are signs of stability - at least for semi-finished steel prices - this week after a big plunge a week ago,” said Kevin Bye, analyst at CRU. in Pekin.
But slower winter demand will continue to rise in prices until next month's Lunar New Year, Bai added.
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