Shanghai stainless steel futures fall on prospects of higher output | Reuters

2021-12-29 07:21:53 By : Mr. Leo Wu

Steel pipes are seen stacked at an industrial park in Shenyang, Liaoning province, China September 30, 2021. REUTERS/Tingshu Wang

BEIJING/MANILA, Nov 4 (Reuters) - Chinese stainless steel futures fell more than 2% on Thursday as traders anticipated higher production this month after some key producing regions relaxed power curbs.

Planned stainless steel output in November is expected to rise 14.39% from a month earlier, analysts with GF Futures wrote in a note, citing data from Mysteel consultancy.

"Jiangsu and Fujian provinces have eased controls on power consumption, capacity at steel mills is gradually recovering," according to GF Futures.

The most actively traded stainless steel contract on the Shanghai Futures Exchange , for December delivery, fell as much as 2.6% to 18,070 yuan per tonne. The contract ended down 2.3% at 18,130 yuan a tonne.

Other steel prices on the Shanghai bourse also fell as demand at downstream sectors remains sluggish.

Construction rebar , for January delivery, dropped 2.4% to 4,226 yuan a tonne. Hot-rolled coils , used in the manufacturing sector, slipped 2.1% to 4,614 yuan per tonne.

Prices for steelmaking raw materials on the Dalian Commodity Exchange were mixed at close.

Benchmark iron ore futures inched 0.3% higher to 583 yuan a tonne. Coking coal futures jumped 1.5% to 2,405 yuan per tonne.

Coke prices , however, stepped back from a 4.3% gain earlier during the session and ended 2.6% lower at 3,035 yuan a tonne.

Our Standards: The Thomson Reuters Trust Principles.

Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.

Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.

The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.

The industry leader for online information for tax, accounting and finance professionals.

Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.

Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.