Chinese steel futures continue to fall985 Views
Chinese steel futures continued their retreat on Thursday, Kallanish notes. This is the third consecutive day that futures for both rebar and HRC have lowered.
On the Shanghai Futures Exchange the January 2019 rebar contract closed at CNY 4,280/tonne ($622/t), CNY 76/t lower than Tuesday, while the same contract for hot rolled coil closed down CNY 67/t at CNY 4,226/t.
This leaves both futures now below the levels they were at following Monday’s surge but, in the case of HRC, still above where it was a week ago on 17 August.
Confidence in the domestic long steel market is still high, as indicated by the lack of export offers being accepted in nearby Asian markets for both wire rod and rebar (see related articles). With the January 2019 contract now the most traded in Shanghai, it may well be that steel sector confidence for the fourth quarter is now being replaced by some first quarter uncertainty.
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Truly global, user-friendly coverage of the steel and related markets and industry that delivers the essential information quickly while delivering on most occasions just the right amount of between-the-lines comment and interpretation for a near real time news service of this kind.
Very good overview of the weekly steel market.