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Steel futures in China rebounded on Friday September 3, as production cuts during the peak demand season sparked concerns over global supply, Reuters reported.
Apparent demand for the five major steel products, including used materials for construction and manufacturing, rose for the third week in a row to 10.41 million tonnes, according to consultancy Mysteel.
Blast furnace utilization rates at 162 plants across China fell to 75.06% this week from 75.53% a week earlier, according to Mysteel.
The most active October stainless contract on the Shanghai Futures Exchange jumped 6.1% to 18,760 yuan ($ 2,904.97) a tonne.
Hot rolled coil futures for January delivery on the Shanghai Stock Exchange closed 4.3% higher at 5,784 yuan a tonne, up 5.3% on the week.
Steel rebar was up 2.4% to 5,408 yuan a tonne at the end. The weekly gain was 3.6%.
Steel ingredient prices traded slightly higher.
Iron ore benchmark futures on the Dalian Commodity Exchange jumped 1.4% to 786 yuan a tonne.
