Steel prices in China rose on Friday amid growing optimism about demand as metal inventories continued to fall, property purchases picked up and coke anticipated a cut in production in Jiangsu province.
“The demand for Chinese steel continues to exceed expectations. Investments in real estate and the start of housing construction are on the rise, while infrastructure costs remain high, ”the policy brief says.
"After some restocking at the end of March ahead of a key maintenance period, the steel mills are ready to re-enter the market."
Steel rebar stocks have dropped by nearly a third since mid-March, when inventories were at a multi-year peak of 9.79 million tonnes, down to 6.71 million tonnes on May 4, data compiled by consulting firm SteelHome showed.
The outlook for steelmaking raw materials has risen in recent weeks on the back of recent economic data from China.
Metallurgists in China hoping for higher demand
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Azovpromstal® 14 May 2018 г. 12:14 |
