China steel futures prices fell, with rebar leading the decline after falling to the lowest level in more than 10 days, as industrial output growth was slower than expected.

Data from China’s National Bureau of Statistics showed that China’s industrial production grew 6.4% in July year-on-year, the market missed expectations for 7.8% growth and slowed. compared with an 8.3% increase in June.
The country’s real estate investment also grew at a slower pace in the January-July period compared with the first half of this year, while new construction fell 0.9 percent, according to official data. % in the first 7 months of 2021 compared to the same period a year earlier.
Bar steel price was the most actively traded on the Shanghai Futures Exchange for January delivery, down 2.8% to 5,290 CNY (equivalent to 816.67 USD)/ton, the lowest since August 4. . The contract fell 1.8% to CNY 5,344.
Prices of hot rolled coil, used in the manufacturing sector, fell 0.4 percent to CNY 5,725 a tonne.
Stainless steel futures on the Shanghai exchange fell 0.8% to 18,175 CNY/ton.

China’s crude steel output fell for two consecutive months and stood at 86.79 million tons in July as Beijing stepped up production controls.
Prices of steelmaking materials on the Dalian Commodity Exchange rose in morning trading.
Iron ore futures prices increased 1.8% to 847 CNY/ton, coke price increased 1.0% to CNY 2,221/ton, coke futures price increased 1.3% to CNY 2,922/ton.

Source: VITIC/Reuters

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