Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

China steel rallies as market eyes winter cuts, iron ore up slightly

Published 09/10/2017, 01:45 pm
Updated 09/10/2017, 01:50 pm
© Reuters.  China steel rallies as market eyes winter cuts, iron ore up slightly

* Chinese markets reopen after week-long National Day holiday

* China has ordered mills to cut output in war on smog

* Dalian iron ore up 0.4 pct

* Iron ore port stocks rise after eight weeks of declines

By Manolo Serapio Jr

MANILA, Oct 9 (Reuters) - Shanghai steel rebar futures surged nearly 4 percent on Monday as Chinese markets reopened after a week-long holiday, with investors anticipating production cuts in the world's top steel producer as the country fights smog.

Chinese authorities have ordered heavily air-polluting industries including steel to curb output and cut emissions during the four-month winter heating period that typically begins on Nov. 15.

But some cities have already ordered its mills to reduce output. The city of Handan in the top steelmaking province of Hebei has told its steel mills to halve output from Oct. 1 until March. most-active rebar on the Shanghai Futures Exchange SRBcv1 rose as much as 5.3 percent from the close on Sept. 29 to 3,795 yuan ($573) a tonne, the highest since Sept. 21. The contract slipped from there and was trading at 3,731 yuan at 0228 GMT, up 3.6 percent.

Chinese markets were shut from Oct. 2 to 6 for the National Day holiday.

The main driver behind the spike in steel prices is the "winter cuts and we need to pay attention to detailed plans of the different provinces to measure the material impact on steel production and supply," said Kevin Bai, a consultant at CRU.

But Bai said the production cuts would also coincide with the seasonal downturn in consumption during winter, possibly muting any impact on supply and demand conditions.

If all 28 Chinese cities covered by the restrictions slash production by 50 percent, around 45.67 million tonnes of crude steel output will be lost, said Cao Ying, an analyst at SDIC Essence Futures, told an industry conference in Qingdao late last month. is equal to nearly 6 percent of China's 2016 output.

The strength in steel futures lifted prices of iron ore, although ample supplies of the raw material capped gains. The most-traded iron ore on the Dalian Commodity Exchange DCIOcv1 rose 0.4 percent to 454 yuan per tonne.

Stockpiles of iron ore at China's ports rose 2.35 million tonnes from the previous week to 133.2 million tonnes as of Sept. 29, just before China went on holiday, according to data compiled by SteelHome consultancy.

The increase in port stocks followed an eight-week decline.

There was not much movement in spot iron ore prices last week with China on break. Iron ore for delivery to China's Qingdao port .IO62-CNO=MB stood at $62.24 a tonne on Friday, compared with $62.05 on Sept. 29, according to Metal Bulletin. ($1 = 6.6270 Chinese yuan)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.