BEIJING- China’s steel rebar and hot rolled coils futures declined on Thursday, as downstream demand remained sluggish amid the recent outbreak of COVID-19, with falling iron ore prices also weighing on steel prices.
Steel consumption in March and April, when is traditional peak season, has been sluggish this year as the pandemic disrupted industrial activities.
The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) and official data released last week both showed manufacturing activities contracted in March.
A regular state council meeting chaired by Premier Li Keqiang said on Wednesday the government would flexibly use multiple monetary policies in a timely way to support the real economy.
The most-traded steel rebar futures, used as construction material, on the Shanghai Futures Exchange for October delivery fell 1.2 percent to 5,064 yuan ($796.03) a ton. – Reuters
