Steel futures in China rose for a third consecutive session and hit a 1-week high on Wednesday, supported by
a pickup in orders by steel mills and the absence of a spike in inventories.
The most active rebar futures for October delivery on the Shanghai Futures Exchange rose 2.8 percent to 2,143 yuan
The most active rebar futures for October delivery on the Shanghai Futures Exchange rose 2.8 percent to 2,143 yuan
($325.27) a ton, the highest close since June 14.
"Investors have raised hopes that downside risk for prices is small after a big slump in May while steel mills' orders unexpectedly picked up and market inventories did not pile up," said Zhao Chaoyue, an analyst with Merchant
"Investors have raised hopes that downside risk for prices is small after a big slump in May while steel mills' orders unexpectedly picked up and market inventories did not pile up," said Zhao Chaoyue, an analyst with Merchant
Futures in Shenzhen, South China's Guangdong Province.
Total inventories of five steel products, including hot-rolled coil for machinery use and rebar for construction
Total inventories of five steel products, including hot-rolled coil for machinery use and rebar for construction
use, remained unchanged at 8.126 million tons in June versus a month earlier, the China Iron and Steel
ssociation said.
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