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China steel futures dip as demand concerns outweigh output cuts
Shanghai steel futures fell for a second straight session on Wednesday as concerns over slowing Chinese demand for the construction and manufacturing material eclipsed moves to reduce its production.
Construction steel rebar on the Shanghai Futures Exchange ended daytime trading 0.3% lower at 5,658 yuan ($869.82) a tonne, while hot rolled coil slumped 1.6% to 5,879 yuan a tonne.
Stainless steel SHSScv1 shed 1.8% to 19,120 yuan a tonne.
Wood Mackenzie senior economist Yanting Zhou said China’s slowing industrial production growth, and lacklustre investment in manufacturing and infrastructure are expected to have a negative impact on domestic demand for metals.
Iron ore price down on China s forecasted steel output decline mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
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