Steel surges to three-month high TheStarFri, Jun 08, 2018 - 4 hours ago
Reinforcement bar on the Shanghai Futures Exchange advanced as much as 2.5%, the biggest intra-day gain in five weeks, to 3,869 yuan (US$605) a tonne. Futures are up over 15% from a nine-month low at the end of March. Reinforcement bar on the Shanghai Futures Exchange advanced as much as 2.5%, the biggest intra-day gain in five weeks, to 3,869 yuan (US$605) a tonne. Futures are up over 15% from a nine-month low at the end of March.
SINGAPORE: Steel futures in China climbed to the highest level in three months as the world’s biggest producer broadens environmental checks on industrial facilities and inventories extend their decline.
Reinforcement bar on the Shanghai Futures Exchange advanced as much as 2.5%, the biggest intra-day gain in five weeks, to 3,869 yuan (US$605) a tonne. Futures are up over 15% from a nine-month low at the end of March.
China is pressing ahead with a new campaign to force manufacturing to clean up operations and improve the environment. The government will be conducting inspections, each lasting a month, on industrial plants in 10 provinces, according to a statement on May 25. Checks have started in Guangzhou, Yunnan and Inner Mongolia. The nation makes half the world’s steel.
While demand typically slows in June because of high temperatures and frequent downpours, shrinking inventories and the inspections will continue to push up prices, Huatai Futures Co analyst Sarah Zhao said by phone.
“Environmental checks are only going to get stricter going forward,” Zhao said from Shenzhen. “There’s also more uncertainty in the duration of production curbs, and the government may choose to spring new policies.”
Supply may decline going forward as mills conduct maintenance for environmental reasons, said CRU Group steel analyst Alex Ji in Hong Kong. Rebar inventories in China have been declining steadily since March, and were at 5.3 million tons last week, the lowest since February.
Rebar futures closed 0.8% higher at 3,807 yuan yesterday.
Iron ore fell 0.3% to end at 469 yuan a tonne in DalianHot-rolled coil added 0.6% to 3,943 yuan a ton in Shanghai. — Bloomberg
Steel/rebar industry definitely won't be dead.it will go up again when the time comes.so when it is undervalue we can keep accumulate.0.6x - 0.8x range seems attractive to me.just keep accumulative at low.
Stop doing so , lionind not as good as you think , will plunged down further , i confirm donald thump is pending the rotten tactic again , coming week , increased the tariff again , he want the whole region follow his rhythm , up side down , only fulfill his wet crocodile attitude , reason is white house avoid him watch AV movies , so he changed his hobbies to torture whole world citizen , by the way , his soul spirit basic instinct is maximum , than only he will step down , replace other to be new president .
FULL IMAGING , LAST 15 minute , SYNDICATE FULL DUMP THIS STOCK < CRASHED IT , PRETEND HEAVY CRISIS OCCUR , straight away 0.595 , YOU SEE HOW ROTTEN THEY ARE .
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Johloh
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Posted by Johloh > 2018-06-07 11:03 | Report Abuse
Today all steel counter rebounded :) congrats everyone