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China steel prices decline amid new futures rules

China’s steel products finally failed to keep strong for long, and tumbled on Nov. 16, influenced by the slump of iron ore futures, stricter trading rules.


Last Friday, China’s Shanghai, Dalian and Zhengzhou commodity exchanges increase margin requirements and transaction fees for a wide range of contracts. And they have taken restrictive measures on the clients who violate trading rules.


Fears over the heightened regulatory supervision have prompted panic selling in several commodities, including deformed steel bar and copper, since Monday overnight trade after a frenzied rally that sent prices of some steel-related products surging more than 50% since the beginning of October.


In Shanghai, benchmark deformed steel bar futures down 3.9% to 2,816 yuan a ton after falling as much as 6%, while hot rolled coil futures fell 3.6% to 3,205 yuan a ton. Last Friday, the Shanghai Futures Exchange banned investors in steel rebar from opening intraday positions of more than 10,000 lots,

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