Home » Other » Chinese steel price rises to three year high
Warning: Use of undefined constant single_postformat - assumed 'single_postformat' (this will throw an Error in a future version of PHP) in /home/www/wwwroot/alloy.wiki/vews/8576a81b5d/single.php on line 24
class="container-posts single_postformat post-4118 post type-post status-publish format-standard hentry category-other odd">

Chinese steel price rises to three year high

Posted by: Alloy 2021-04-10 Comments Off on Chinese steel price rises to three year high

Iron ore futures in China surged more than 5 percent on Wednesday as steel prices rose to their strongest in more than three years on hopes of firm demand as Beijing spurs infrastructure spending and property sales rise.

This week marks a sharp recovery for iron ore that could help pull the spot price further away from a one-month low if Chinese steel futures sustain their upward momentum.

China’s fixed-asset investment grew 8.9 percent in January and February from the same period last year, largely due to strong property and infrastructure construction, outpacing the 8.1 percent pace for all of 2016.
“We continue to believe that China will look to infrastructure investment in 2017 to drive growth as China’s top leaders prepare for elections in November,” Commonwealth Bank of Australia analyst Vivek Dhar said in a note.

The most-active rebar on the Shanghai Futures Exchange rose as far as 3,692 yuan ($534) per tonne, its highest since February 2014. It was up 2 percent at 3,656 yuan by 0323 GMT.

Iron ore on the Dalian Commodity Exchange was up 5.5 percent at 724.50 yuan a tonne, having touched a two-week peak of 730.50 yuan earlier.

Strong growth in property sales and real estate investment in the past two months also gave the market hope that property construction could increase again, Dhar said.
 “While we think it is unlikely that China’s property sector will remain a tailwind to Chinese steel consumption this year, it would certainly provide upside risk to our commodity price forecasts.”
 China’s Premier Li Keqiang said on Wednesday the world’s second-largest economy faces domestic and external risks this year, but added that the country has many policy tools to cope with them. He also said this year’s economic growth target of around 6.5 percent will not be easy to meet.
 Iron ore for delivery to China’s Qingdao port .IO62-CNO=MB was little changed at $88.14 a tonne on Tuesday, according to Metal Bulletin, not far above a one-month low of $86.72 reached on March 10.

Source: Reuters, 2017

Chinese steel price rises to three year high

Shanghai Metal Corporation is a trusted aluminum alloyaluminum foil pricestainless steel price and stainless steel manufacturer, kinds of stainless steel in china.

Guest contributors are welcome at the Alloy Wiki.It is a weekly wiki and guide on alloy information and processing technology, while also about the vast array of opportunities that are present in manufacturing. Our team of writers consists of a Machining Material Supplier / Machinist / Tool and Die Maker, a Biomedical Engineer / Product Development Engineer, a Job Development Coordinator / Adjunct Professor, and a President and CEO of a manufacturing facility.

Link to this article:Chinese steel price rises to three year high

Reprint Statement: If there are no special instructions, all articles on this site are original. Please indicate the source for reprinting:Alloy Wiki,thanks!^^