Steel prices in Shanghai reached a 4-month high

Steel during trades in China has risen in price for the fourth consecutive session, and the price of hot-rolled steel and steel reinforcement has peaked since March this year. The armature with October delivery at the Shanghai Futures Exchange went up by 2.5% to 3 thousand 976 yuan per ton, hot-rolled coil – by 1.8%, to 4 thousand 23 yuan per ton. Bloomberg quotes an excerpt from Macquarie Wealth Management’s analytical note: “According to a possible scenario, the new provinces joining the environmental campaign in China will reduce the steel production by 30% in winter, and the total reduction in the Chinese steel industry capacity next winter will exceed the figure of last winter.”

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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