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China steel futures rise on declining inventories lifted


Chinese steel and iron ore futures rose on May 25, with concerns over demand easing amid declining steel inventories in the world's top producer of the material.
 
Stockpiles of rebar construction steel at traders had this week fallen 410,000 tonnes to 5.66 million tonnes by May 25, a level last seen in early February.
 
Total inventory of steel products, including rebar, wire rod, hot-rolled coil, cold-rolled coil and steel plate, dropped 6.4% to 11.33 million tonnes.
 
The most-active construction rebar futures on the Shanghai Futures Exchange had risen 1.2% to 3,590 yuan/t ($561.92/t) by 0215 GMT.
 
Spot steel prices edged down 0.3% to 4265.25 yuan/t on May 24. 
 
"Steel and iron ore markets are highly-sensitive to changes in inventory. Prices could wobble as destocking momentums has not completely vanished ... but seasonal demand for steel products is waning," analysts at Orient Futures said in a note.
 
On May 24, the European Commission opened an investigation into hot-rolled steel sheet imported from China, piling more pressure on the country's steel exports after the United States this week slapped heavy duties on Vietnamese steel originated from China.
 
The Dalian iron ore contract for September delivery edged up 0.8% to 461 yuan/t, but remains on track its worst weekly performance in nine weeks.
 
Inventory of iron ore at Chinese ports has been falling over the last three weeks, but the total decline was only 0.8%.
 
Iron ore for delivery to China's Qingdao port .IO62-CNO=MB snapped a five-session drop on May 24, climbing 3.5% to $66.38, according to Metal Bulletin.
 
Other steelmaking raw materials also recovered alongside steel prices. 
 
Coking coal on the Dalian Commodity Exchange rose 1.1% to 1,194.5 yuan/t. Coke for September delivery was up 1.5% at 2,006.5 yuan/t.
 
Sources:sxcoal

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