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Shanghai steel prices hit 7-week high amid improved margins

Shanghaisteelpriceshit7-weekhighamidimprovedmargins

Futures prices for rebar and hot-rolled coil in China jumped to a maximum of seven weeks on Monday amid rising margins, they became the world's largest producer of building and manufacturing materials.

Continuing to grow for the fifth consecutive session, the best-selling valve supply contract on the Shanghai Futures Exchange rose 1.2% to 3,576 yuan (about $ 511.29) per tonne, the highest level since September 30.

Hot-rolled steel, steel used in automobiles and household appliances, grew by 0.4% to 3492 yuan per ton, reaching a seven-week high.

“Steel margin remains in an uptrend, and we are now back at the beginning of May levels,” said Hui Han Tang, commodity broker analyst at Marex Spectron.

Chinese steel margin improved after lower prices for raw materials such as iron ore and coke. Spot prices for a base 62% of iron ore fell to their lowest level in the past nine months last week below $ 80 per ton, amid cool demand and easing supply concerns.

Steel prices recovered slightly after a sharp fall earlier this month as a result of a series of environmental restrictions in China, Tang said.

Valve stock in China has fallen to its lowest level in 10 months in the last week, according to SteelHome consulting company.

Further pollution-related restrictions at some steel mills and demand-stimulating incentive measures to support China's slowing economy have also helped raise steel prices.

China will lower the minimum capital adequacy ratio for some infrastructure investment projects, state television CCTV reported last week, citing a cabinet meeting chaired by Prime Minister Li Keqiang.

 

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