BEIJING: Steel rebar on the Shanghai Futures Exchange snapped three straight sessions of losses to inch up on Thursday, as government financial support sparked hopes for a demand increase, although the sector is still in the midst of its off-peak rainy season.
China's finance ministry has said it is planning to sell more special treasury bonds to fund public health-related infrastructure facilities and aid a virus-hit economy, part of a proposal to issue 1 trillion yuan in such bonds this year.
The most-traded October contract of construction steel rebar closed 0.3% higher at 3,573 yuan ($505.89) per tonne, rising for the first time this week. Stainless steel futures on the Shanghai bourse, for August delivery, jumped 1.8% to 13,355 yuan per tonne.
However, hot-rolled coils, used in the manufacturing sector, dipped 0.2% to 3,563 yuan a tonne. Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, closed 0.4% lower at 739 yuan a tonne.
Spot prices of iron ore with 62% iron content for delivery to China, as tracked by SteelHome consultancy, held at $101.50 per tonne on Wednesday, unchanged from the previous session.
Dalian coking coal increased 1.5% to 1,193 yuan a tonne. Coke edged down 0.2% to 1,873 yuan a tonne.
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