BEIJING (Reuters) – China’s stainless steel futures rose more than 5% on Tuesday, fueled by concerns over tight supply as producers cut supply, while firm raw material prices also rallied. offered support.
“Domestic stainless steel companies are stepping up maintenance in the first quarter ahead of the Spring Festival and Beijing Winter Olympics holidays; overall production should be limited,” Jinrui Futures analysts wrote in a note.
Stainless steel is also supported by nickel prices due to tight supply in the spot market, a note from Huatai Futures said.
The most-traded stainless steel contract on the Shanghai Futures Exchange, for February delivery, jumped 5.3% to 17,920 yuan ($2,812.39) a tonne. They closed up 4.4% at 17,760 yuan a tonne.
Other steel prices on the Shanghai Stock Exchange also rose. Used construction steel rebar for May delivery rose 2% to RMB 4,589 a tonne.
The China Iron and Steel Association said on Monday that China’s 2021 crude steel production is expected to fall to 1.03 billion tonnes from a record 1.065 billion tonnes, reaching a “balance of supply and demand”. ”.
Benchmark iron ore futures on the Dalian commodity exchange ended up 2.8% to 724 yuan a tonne. Spot iron ore 62% for delivery in China rose $1.50 to $129 a tonne on Tuesday, according to consultancy SteelHome.
(By Min Zhang in Beijing and Enrico Dela Cruz in Manila)
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