Steel futures skid 2%

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    BEIJING- Steel futures in China faltered 2 percent in early trade on Tuesday after two straight session of gains, as fears of tight supply eased amid favorable environmental conditions.

    The northwest province of Shaanxi withdrew its heavy pollution alert on Monday, after top steelmaking province Hebei lifted its second-level smog alert on Sunday.

    “Air quality has been good recently, which helps to stabilize the supply end,” Huatai Futures wrote in a note.

    The most-traded construction steel rebar on the Shanghai Futures Exchange, for January 2020 delivery, dived as much as 2.0 percent to 3,610 yuan ($512.86) per ton and was last down 1.95 percent.

    Hot-rolled coil, used for cars and home appliances, slid 1.4 percent to 3,512 yuan a ton.

    Shanghai stainless steel futures, for February 2020 delivery, edged down 0.2 percent to 14,505 yuan per ton, after China reported on Monday fewer imports of nickel ore in October. – Reuters