Contrary to the recent chants of doom for steel prices, HRC futures in China are well up today. Stainless steel futures are also up. The background to this is, among other things, market concerns about the availability of raw materials for steel production. Iron ore prices are also picking up again.
Steel and stainless steel futures up
Steel and stainless steel futures on SHFE were up this morning (June 10, 2021). Stainless steel futures up about 1.47% and HRC futures up to 3.00% and currently holding steady at 2.78%.
Bullish Iron Ore Prices
Iron ore jumped Thursday despite the government’s renewed focus on commodity inflation in top steelmaker China, as benchmark Shanghai steel futures extended gains and lifted steelmaking commodity prices.
The most-traded iron ore for September delivery on China’s Dalian Commodity Exchange ended morning trading around $184.84 per ton. The benchmark 62% iron ore traded at about $213 per ton on Wednesday.
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