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China construction rebar and hot rolled coil futures due to weak downstream demand

2021-06-16

China construction rebar and hot rolled coil futures due to weak downstream demand


However, after Shandong Province announced a production cut, the price of raw materials rose driven by coke.


Apparent consumption decreased by 4.7% to 10.97 MnT


The off-season is gradually coming, and the consumption decline is affected by the high temperature and rain in the southern region, and the destocking of (steel) is about to end.


The rebar with the largest volume for October delivery on the Shanghai Futures Exchange closed down 1.5% to 5,168 yuan/ton ($807.44)/MT)


Hot rolled coil futures used in manufacturing fell 1.9% to RMB 5,436/ton. Shanghai stainless steel futures for delivery in July rose slightly by 0.5% to 16,390 yuan/ton


However, despite the weight of steel mills


The utilization rate is low, but the price of steelmaking raw materials has recovered from the early decline. As of June 11, the blast furnace capacity utilization rate of 163 steel plants in China has fallen to 80.69%, the lowest level since mid-May


Benchmark iron ore futures will be delivered on the Dalian Commodity Exchange in September


The spot price of iron ore rose slightly by 0.9% to RMB 1,226/ton, and the spot price of iron ore with 62% iron content rose to US$7 to US$220. Dalian coking coal futures rose 1.3% to RMB 1,956/ton


Coke futures rose 2.3% to RMB 2,725/ton


China's Shandong Province has pledged to limit its coke production to 32 MnT in 2021 and reduce its coking capacity from 46 MnT to 33 MnT 


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