China steel futures extend gains on demand prospects, low stockpiles
Reuters - China’s steel futures rose on Wednesday on optimism about demand prospects in the world’s top metals consumer, while low domestic stockpiles also lent support.
Construction steel rebar on the Shanghai Futures Exchange closed 1.8% higher at 3,702 yuan ($527.61) a tonne, advancing for a fifth straight session.
Hot-rolled coil, used in cars and home appliances, climbed 1.9%, while stainless steel gained 0.8%.
Steel prices remained resilient despite the seasonal weakness in downstream demand, particularly for rebar, as flooding in southern China and heavy rains across the country slowed construction activities.