BEIJING- Chinese steel rebar and hot rolled coils futures jumped on Thursday, as demand for the most traded May deliveries are expected to recover from the weak consumption season.
The most active construction rebar futures on the Shanghai Futures Exchange increased 2.3 percent to 4,328 yuan ($679.53) a ton, extending gains to a fourth straight session.
Hot rolled coils futures, used in the manufacturing sector, also rose for the third consecutive session, up 1.3 percent at 4,714 yuan per ton.
“Demand expectation (for May contracts) are improving and performs better than the January contracts, we expect steel products will remain strong in longer term,” GF Futures wrote in a note.
Shanghai stainless steel futures dipped 0.5 percent to 16,945 yuan a ton.
Steelmaking raw materials on the Dalian Commodity Exchange were mixed.
Benchmark iron ore futures, for January delivery, edged down 0.1 percent to 622 yuan per ton, while spot 62 percent iron ore stood at $105.5 a ton on Wednesday, according to SteelHome consultancy. — Reuters
