Stainless steel futures rise as much as 1.9%, Dalian iron ore prices inch higher and spot 62% iron ore remained unchanged at $118.5 a tonne on Wednesday
BEIJING: Stainless steel futures on China’s Shanghai Futures Exchange gained in early trading on Thursday, rising as much as 1.9%, boosted by firm demand and strong raw material prices.
The most traded October contract of stainless steel increased 1.1% to 14,165 yuan ($2,041.54) per tonne as of 0215 GMT, after hitting as high as 14,280 yuan earlier.
“Goods on the market are not sufficient due to the previous slump in inventories while demand is robust,” Huatai Futures wrote in a note, adding that nickel prices continue to rise.
“Stainless steel prices could be resilient in short term propped up by costs,” the brokerage added.
Other steel prices on the Shanghai bourse were mixed, with construction rebar edging down 0.1% to 3,789 yuan per tonne while hot-rolled coils rose 0.7% to 3,911 yuan a tonne.
Post time: Dec-07-2020