China's construction steel futures recovered from the steep declines seen across international commodity and equity markets to close higher on October 11, as possible Chinese production curbs ahead of winter remained in focus.
Asian share markets sank on Thursday after Wall Street suffered its worst drubbing in eight months.
Shanghai benchmark construction steel futures initially fared little better, falling as much as 2.1% to 3,958 yuan/t ($571.12/t) early in the session, before closing up 0.3% at 4,056 yuan/t.
Hot-rolled coil futures plunged 3% to 3,831 yuan/t, but rallied to close down 1% at 3,909 yuan/t.
The most-active iron ore futures on the Dalian Commodity Exchange ended down 0.5% at 511.5 yuan/t, although spot prices for iron ore with 62% content climbed to $70.9/t on October 10.
Markets are still paying close attention to regional plans for winter cuts to industrial output, part of the government's years-long battle against pollution.
The Yangtze River Delta region in the country's east, which includes key manufacturing hubs, is working on a new integrated winter pollution plan similar to one in northern areas, said officials at two local environment bureaus.
"Supply is expected to reduce as more regions publish their anti-pollution action plans," analysts at Huatai Futures said in a note.
Shanxi province, a major coal mining hub, this week vowed to cut coking capacity and annual coke output as part of its campaign against smog.
Dalian's most-traded coke contract, for January delivery, closed up 0.4% at 2,455 yuan/t, while coking coal futures ended 0.9% higher at 1,366.50 yuan/t.
Sources:sxcoal
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