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Steel News December 03, 2021 10:29:42 AM

Chinese steel rebar, hot rolled coils futures rise on demand hopes

Anil Mathews
ScrapMonster Author
Chinese steel rebar and hot rolled coils futures jumped on Thursday, as demand for the most traded May deliveries are expected to recover from the weak consumption season.

Chinese steel rebar, hot rolled coils futures rise on demand hopes

BEIJING (Reuters) - Chinese steel rebar and hot rolled coils futures jumped on Thursday, as demand for the most traded May deliveries are expected to recover from the weak consumption season.

The most active construction rebar futures on the Shanghai Futures Exchange increased 1.3% to 4,288 yuan ($679.53) a tonne at close, extending gains to a fourth straight session.

Hot rolled coils futures , used in the manufacturing sector, also rose for the third consecutive session, and ended up 1.1% to 4,703 yuan per tonne.

"Demand expectation (for May contracts) are improving and performs better than the January contracts, we expect steel products will remain strong in longer term," GF Futures wrote in a note.

Apparent consumption for five main steel products in China, including rebar, hot rolled coils, cold rolled coils and others, rose 2.6% as of Thursday to 9.79 million tonnes from the week earlier, data from Mysteel consultancy showed.

Shanghai stainless steel futures fell 1.3% to 16,820 yuan a tonne.

Steelmaking raw materials on the Dalian Commodity Exchange declined.

Benchmark iron ore futures , for January delivery, fell 3.5% to 601 yuan per tonne, while spot 62% iron ore stood at $105.5 a tonne on Wednesday , according to SteelHome consultancy.

Miners from Brazil exported 28.99 million tonnes of iron ore in November, down from 29.15 million tonnes in the same month a year earlier, according to local government.

Dalian coking coal futures and coke both slipped at close, retreating from gains in morning session. They fell 2.9% to 1,878 yuan a tonne and 1.7% to 2,710 yuan per tonne, respectively.

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