• 66
  • 17
  • Favorite

Chinese iron ore down 10% on the week while steel hits record highs

Reuters2021-04-02

* Dalian iron ore down 10.1% this week

* Capacity utilisation rates at 163 mills hit 1-1/2 year low

* Steel rebar and hot rolled coil hit record highs

(Adds detail, closing prices)

By Min Zhang and Shivani Singh

BEIJING, April 2 (Reuters) - Benchmark iron ore futures in China rose on Friday but were down more than 10% over the week while steel rebar and hot rolled coil prices closed at record highs on supply curbs.

China's state planner and industry ministry on Thursday announced planned inspections to check on implementation of steel capacity cuts in the past few years and reiterated its intention to curb crude steel output further in 2021 to reduce emissions.

Capacity utilisation rates at 163 blast furnaces in China fell to 76.92% this week, the lowest level since October 2019, data from Mysteel consultancy showed.

The most active iron ore futures on the Dalian Commodity Exchange closed 1.8% up at 979 yuan ($149.18) a tonne on Friday but was down 10.1% over the week.

Steel futures, meanwhile, extended gains on recovering consumption. Apparent demand for rebar and hot rolled coil rose by 7% and 2% respectively week on week.

The most-traded May contract for steel rebar on the Shanghai Futures Exchange surged 3.7% to 5,157 yuan at the close, the highest on record, for a ninth straight weekly gain.

Daily transaction volumes for construction materials, including rebar and wire rods, broke above 300,000 tonnes for the first time and stood at 350,700 tonnes on Thursday, Mysteel data showed.

Hot-rolled coil futures rose 2.5% to a record 5,556 yuan a tonne. The contract had risen for four consecutive weeks and ended this week with a 6.9% gain.

FUNDAMENTALS

* Dalian coking coal futures fell 2.7% to 1,570 yuan a tonne.

* Coke futures rose 2.6% to 2,386 yuan a tonne.

* Spot prices of iron ore with 62% iron content for delivery to China gained by $2 to $168 a tonne on Thursday.

* Shanghai stainless steel futures for June delivery edged down 0.2% to 14,275 yuan a tonne.

* Trading on the Shanghai Futures Exchange and Dalian Commodity Exchange will be halted on April 5 for the Tomb Sweeping holiday.

($1 = 6.5626 Chinese yuan renminbi)

(Reporting by Min Zhang and Shivani Singh Editing by Uttaresh.V and David Goodman)

((min.zhang@thomsonreuters.com; (8610) 5669-2105;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment17

  • JFK
    ·2021-04-05
    Ok. 
    Reply
    Report
  • ThaigerB
    ·2021-04-05
    Like n comment thks
    Reply
    Report
  • Andtendo
    ·2021-04-05
    Damn
    Reply
    Report
  • Lim89
    ·2021-04-05
    Construction dropProperty up
    Reply
    Report
  • erichosk
    ·2021-04-04
    Is this site a dating agency? So many love love love here. Hahaha!
    Reply
    Report
  • BpchuA
    ·2021-04-03
    Good
    Reply
    Report
    Fold Replies
    • Andtendo
      Good
      2021-04-05
      Reply
      Report
  • Kimsu
    ·2021-04-02
    Ok
    Reply
    Report
    Fold Replies
    • w8w8
      steamed
      2021-07-22
      Reply
      Report
    • w8w8
      Steamed
      2021-07-05
      Reply
      Report
  • Skylarthe财神
    ·2021-04-02
    Strike the iron while its hot
    Reply
    Report
    Fold Replies
    • carmenng
      im hot
      2021-04-03
      Reply
      Report
  • Kyler28
    ·2021-04-02
    Wow
    Reply
    Report
  • Jo118
    ·2021-04-02
    Like and comment on this pls, tq very much
    Reply
    Report
    Fold Replies
    • Kyler28
      Ok
      2021-04-02
      Reply
      Report
  • banatato
    ·2021-04-02
    cool
    Reply
    Report
    Fold Replies
    • banatato
      ok
      2021-04-02
      Reply
      Report
  • 老木不朽
    ·2021-04-02
    Like and comment. Thanks [爱你] 
    Reply
    Report
    Fold Replies
  • llipinggg
    ·2021-04-02
    Nicee
    Reply
    Report
    Fold Replies
    • llipinggg
      help comment. thanks!
      2021-04-02
      Reply
      Report
    • 老木不朽
      HUAT
      2021-04-02
      Reply
      Report
    • cHao7
      simidaiji
      2021-04-02
      Reply
      Report
    View more 1 comments
  • Clc2
    ·2021-04-02
    Gg
    Reply
    Report
  • Tardetrade
    ·2021-04-02
    Like and comment!
    Reply
    Report
    Fold Replies
    View more 1 comments
  • dandan_4896
    ·2021-04-02
    I love all of u tiger traders. Do u love me???
    Reply
    Report
    Fold Replies
  • duhduhduh
    ·2021-04-02
    What
    Reply
    Report
    Fold Replies
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial