Chinese steel rebar and hot-rolled coil futures traded in a tight range on Friday and posted weekly losses as COVID-19-related restrictions and heavy rains dented downstream demand. China has been trying to strengthen its economy hit by the COVID outbreak, rolling out measures to help small firms and stabilize jobs and relaxing controls in the .
Chinese iron ore futures jumped more than 5% on Wednesday, after falling for three straight sessions, as hopes of demand recovery at mills rose, even as COVID-19-led lockdowns in the country disrupted economic activity. The most-active iron ore futures on the Dalian Commodity Exchange, for September delivery, surged 6.6% to 831 ($123.72) yuan a tonne .
China’s imports of Russian metallurgical coal, a key feedstock for steelmaking, hit a record in April, shipping data shows, driven by steep discounts compared with other suppliers and increased availability of bank credit for Chinese buyers. A record 1.37 million tonnes of seaborne Russian coking coal arrived in China in April, data tracked by analytics .
Chinese iron ore futures plunged as much as 7% on Monday, falling for a second straight session and denting steel prices by nearly 4%, as stringent COVID-19 restrictions prompted traders to be cautious and fuelled concerns over global demand. The capital city of Beijing has implemented rounds of COVID-19 tests, closed entertainment venues, banned dine-in .
BEIJING Chinese iron ore futures dropped some 7% on Tuesday to touch a near two-month low, fueled by concerns of higher interest rates and still-stagnant…