BEIJING- Chinese construction rebar and hot rolled coils (HRC) futures declined on Monday, down for a third consecutive session after steel prices powered to historical highs last week and led regulators to step up inspections.
Data on Monday also showed record monthly crude steel output in China for April despite government’s efforts to encourage cuts to production.
Surging steel prices have forced some construction firms to slow metal purchases while some exporters hurt by rising commodity prices have had to pass on increased costs to customers.
Regulators in the cities of Shanghai and steel hub Tangshan on Friday also warned local mills against price gouging, collusion or other irregularities that might disrupt market order, which is expected to help keep a lid on prices.
