Shanghai steel futures surged past another milestone to trade above 5,300 yuan a tonne as attempts from steel mills to produce more have been limited due to environmental restrictions imposed in China’s steel capital Tangshan while demand keeps growing. China’s crude steel output increased 19% from a year earlier to a near-record on high-profit margins and exports in March jumped to a 4-year high, signaling robust global demand. The construction frenzy that has been boosting demand for the metal is likely to be spur by strong construction and manufacturing activities over the coming peak season.
China’s steel futures hit fresh records as the government added to a sweep of measures aimed at reining in output and emissions in the world’s top producer. Iron ore was steady.
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mrhunter
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Posted by mrhunter > 2021-04-27 10:41 | Report Abuse
hot money going steel now glove selling too high