Chinese Steel Rebar and HRC Futures Up by Expectations of Further Demand on Upbeat Economic Indicators and Beijing’s Efforts to Stimulate Consumption

China’s excavator sales in Jan-Feb up 149% due to buoyant infrastructure activities. Meanwhile, the industry ministry and

other departments encouraged new energy vehicle sales in smaller cities and rural areas, which will last throughout 2021

Most-traded construction rebar on the Shanghai Futures Exchange, for May delivery, gained 0.7% at ¥4,991/MT ($760.00). HRC futures up 1.1% to ¥5,444/MT

Benchmark iron ore futures on the Dalian Commodity Exchange also gained

Most actively traded May contract rose 1.1% to ¥1,104/MT, while the Sept contract - with most open interests - jumped 2.6% to ¥974/MT. Spot 62% iron ore for delivery to China was unchanged at $166/MT

Other steelmaking ingredients were mixed, with Dalian coking coal plunging 4.2% to ¥1,588/MT and coke rising 1.3% to ¥2,315/MT

Stainless steel futures on the Shanghai bourse fell 1.5% to ¥14,330/MT