BEIJING: Prices of steelmaking raw materials in China rose on Thursday, buoyed by data showing a record monthly output of crude steel and as China said it sees room for further growth in demand.
The world’s top steel producer churned out 99.45 million tonnes of crude steel in May, data from the statistics bureau showed.
At a briefing on Thursday, the state planner said with the development of China’s economy, demand for crude steel still has room to grow during the 14th Five-Year Plan. The most-traded iron ore futures, for September delivery, rose 1.0% to 1,224 yuan ($190.31) a tonne at close. Coking coal futures on the Dalian bourse jumped 2.3% to 2,010 yuan a tonne. Coke prices rose 1.6% to 2,754 yuan per tonne.
Steel rebar and hot rolled coils on the Shanghai Futures Exchange also recovered from losses during morning session. Construction-used steel rebar, for October delivery, increased 0.3% to 5,101 yuan a tonne. Hot rolled coils, used in the manufacturing sector, inched up 0.3% to 5,371 yuan per tonne. The July contract for Shanghai stainless steel futures dipped 0.7% to 16,160 yuan per tonne.
Comments
Comments are closed.