Steel futures in China rose for the second session in a row on Wednesday after the completion of a two-month quarantine in the Chinese city of Wuhan, raising hopes for a surge in demand as economic activity resumes in the country.
Wuhan, where the coronavirus first emerged, began allowing people to leave the city if they were healthy, as new infections in the city have declined in the past three weeks.
Construction rebar futures for May delivery rose 0.9% to 3,244 yuan ($ 459.28) a tonne after closing 0.1% higher on Tuesday.
Hot-rolled steel used in automobiles and home appliances rose 1.8% to 3113 yuan a tonne. The contract closed 0.9% higher in the previous session.
Shanghai stainless steel futures rose 1% to 12,155 yuan a tonne.
On Tuesday, the government also pledged to the government to commit itself to stabilizing and further expanding the consumption of new energy vehicles in China.
Meanwhile, steel futures in China jumped in early trading, boosted by hopes for demand amid recovery in the world's second-largest economy.
Chinese Steel Futures Rise After Country Cancels Quarantine
|
Azovpromstal® 9 April 2020 г. 12:19 |
