Tuesday , August 3 2021

The Chinese yellow yellow future is presented back to monthly restrictions



As reported by Metaltorg.ru, referring to Reuters, the steel future for rebar in Shanghai decreases to monthly restrictions on Wednesday, November 7, in the middle of China's expectations of supply increases in the Chinese market next year.
China reduced bans on smog production this year, rather than allowing cities and cities to set their own production limits.
This month's copy of the notice by the local government of Tangshan, China's largest steel-making city, showed that the planned average cut in the fall and winter season was 31.6%, with 42% last winter , according to analysts.
The most active rebar contract on Shanghai Futures Exchange has dropped to 3,914 yuan ($ 565) per tonne, the weakest level since October 8. It ended 1.7% lower at 3930 yuan per tonne.
It is expected that next year's supply increase, when it probably works more electric arc furnaces (EAF), said a trader of Shanghai in accordance with China's strict environmental regulations. Unlike blast furnaces using iron ore and clogging coal, EAF uses less polluted scrap.
Prices for steel-making materials also fall. Coking coal on the Dalian Products Exchange fell by 1.6% to 1,361 yuan per tonne, and the coke reduced 0.6% to 2,395.50 yuan.
Iron ore reduced 0.6% to 511 yuan per tonne.
BHP Billiton, a global excavation plant, expects some interference in Australian iron ore exports after an accident crash this week.
BHP said that he would rely on his reserves at Porth Hedland to carry out operations at the export center, although traders say they did not see any impairment in the supply of BHP iron food with an average grade for China.
"I do not think that any breaks will be important, as demand is now focused on low grade iron ore," said Iron Ore Merchant in Singapore. "Smarter cuts in the fourth quarter raise expectations for the production of higher steel over the next few months."


Source link