China’s steel futures prices keep recording gains
Steel futures prices in China continued to strengthen during April 26-30 amid stable demand and market optimism, Shanghai Futures Exchange (SHFE) data shows. But market watchers warn that both supportive factors and uncertainties will weigh on prices during the coming month.
The most-traded rebar contract on the SHFE closed at Yuan 5,392/tonne ($833/t) at the end of the daytime trading session on April 30, higher by Yuan 144/t from the settlement price on April 23. Behind the strong rebar futures price was the Beijing’s Finance announcement on April 28, removing export tax