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Steel futures climb as key steelmaking cities issue fresh pollution alerts China
Times:[ 2019-12-24 Author:admin Hit:

Shanghai steel futures jumped on Monday after key steelmaking cities in Northern China issued pollution alerts to arrest the deteriorating air quality in the region.
Top steelmaking city Tangshan launched a second-level pollution alert earlier in the day, following Shanxi and Shandong provinces which started the alerts over the weekend.
The alerts disrupted production at mills, boosting steel futures in China even as demand cools in winter due to slowing construction activity.
Construction steel rebar on the Shanghai Futures Exchange , for May 2020 delivery, closed up 0.7 pct at 3,538 yuan (USD 504.62) per tonne.
Steel futures were also supported by Beijing's move to stimulate imports and shore up a slowing economy amid a trade war with the United States.
Hot-rolled coil rose 0.9 pct to 3,572 yuan per tonne. It jumped as much as 1.3 pct earlier in the session.
Shanghai stainless steel futures, for February 2020 delivery, gained 0.4 pct to 14,440 yuan per tonne.
Prices for spot cargoes of iron ore with 62 pct iron content for delivery to China fell by USD 1.5 to USD 93 per tonne on Friday.
The most-actively traded iron ore futures on the Dalian Commodity Exchange slipped 0.1 pct to 639 yuan per tonne.
Dalian coking coal futures fell 1.1 pct to 1,169 yuan per tonne, after customs data showed coking coal imports rose 16 pct to 6.18 mln tonnes in November.
Dalian coke dropped 0.7 pct to 1,863 yuan per tonne.