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

April 2, 2021

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