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As Reuters reports, Chinese steel futures fell on Monday January 11, while stainless steel fell to its bottom trading limit as stocks piled up for the second week in a row due to weakening seasonal demand. The increase in COVID-19 cases also influenced the price change.
As of January 7, industrial metal inventories rose 5% for the second week from a week earlier, according to consulting company Mysteel. Steel rebar stocks increased by 5%.
China recorded 103 new cases of coronavirus on January 10, the largest daily increase in five months. The leading steelmaking province of Hebei had 82 new infections, accounting for 96% of the total confirmed local infections, raising concerns about the production and logistics of steel mills.
Steel rebar on the Shanghai Futures Exchange for May delivery fell 2.8% to 4,348 yuan ($ 671.56) a tonne.
Hot-rolled coil fell 4.2% to RMB 4,458 / t. Shanghai Stock Exchange stainless steel futures for March delivery fell 5% to CNY 13,930 a tonne.
The most traded iron ore futures on the Dalian Commodity Exchange fell 1.7% to 1,046 yuan a tonne, while coke futures fell 3.8% to 2,844 yuan.
