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China steelmaking ingredients rise on robust production demand

BEIJING: Prices of steelmaking raw materials in China rose on Thursday, buoyed by data showing a record monthly output of crude steel and as China said it sees room for further growth in demand.

The world's top steel producer churned out 99.45 million tonnes of crude steel in May, data from the statistics bureau showed.

At a briefing on Thursday, the state planner said with the development of China's economy, demand for crude steel still has room to grow during the 14th Five-Year Plan.

The most-traded iron ore futures, for September delivery, inched up 0.2per cent to 1,214 yuan (US$189.03) a tonne, as of 0330 GMT.

Coking coal futures on the Dalian bourse jumped 2.2per cent to 2,008 yuan a tonne. Coke prices rose 1.4per cent to 2,747 yuan per tonne.

Steel prices on the Shanghai Futures Exchange slipped. Construction-used steel rebar, for October delivery, dipped 0.6per cent to 5,057 yuan a tonne.

Hot rolled coils, used in the manufacturing sector, fell 0.7per cent to 5,318 yuan per tonne.

The July contract for Shanghai stainless steel futures dropped 1.1per cent to 16,105 yuan a tonne.

(US$1 = 6.4223 Chinese yuan)

(Reporting by Min Zhang and Dominique Patton; Editing by Subhranshu Sahu)

Source: Reuters


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