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Steel prices in Shanghai reached a 4-month high

13.07.2018 11:00:15

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.”

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