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Chinese steel rebar down 6.7 pct from the highest

On Tueday this week, Chinese iron ore futures declined more than 6 pct, and the price of steel products show the same extent reduction. Before this, steel products prices in China hit a 31-month high in a rally. The most-traded deformed steel bar for May delivery on the Shanghai Futures Exchange rose as far as 3,348 yuan ($486) a ton, its highest point since April 2014. But it closed at 3,062 yuan, down 6.7 percent from Monday’s settlement.


A reduction in China’s steel capacity along with a push to spend more on infrastructure has fueled a 90 percent spike this year in prices of construction steel product steel rebar.


In China’s latest move to tame speculative trading and surging prices, the Shanghai exchange limited the size of positions taken by non-members in screw thread steel bar futures to 8,000 lots from 10,000 lots starting on Tuesday.


On Monday, the Dalian exchange increased the margin requirement for iron ore futures to 10 percent.The price of iron ore could weaken again next year given there is no shortage in available supply, said CLSA analyst Daniel Meng.“Iron ore demand would become slightly higher because steel demand is strong. But on the supply side, you continue to have new low-cost capacity this year and into next year,” said Meng.


The slide in futures could pull spot iron ore back below $80 a ton, a level it breached on Monday for the first time since October 2014.


Iron ore for delivery to China’s Qingdao port rose 1.5 pct to $80.83 a ton on Monday, according to Metal Bulletin. Also on Tuesday, coking coal on Dalian dropped 5.5 pct and coke slipped 4.6 percent.

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