Chinese steel rebar futures at SHFE clings to contract lows
Chinese steel futures drifted to near contract lows on Thursday, as poor demand in the world's top consumer weighed on prices.
The most-traded May rebar contract on the Shanghai Futures Exchange ended 0.2 percent lower at 3,456 yuan a tonne, not far from a low of 3,449 yuan hit on Wednesday, its weakest since the contract was launched in April 2009.
Slower demand and tougher environmental checks have forced steel mills in the world's biggest producer to cut output significantly, easing a supply glut. China's average daily steel output fell 2.7 percent to 1.961 million tonnes in the last 11 days of December from the preceding 10-day period, dipping below 2 million tonnes for the first time since early February 2013.
(www.steelguru.com)
Thursday, January 9, 2014
Chinese steel rebar
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