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WorldPosted at: Jul 25 2016 10:46AM


China steel futures rise on deeper output cuts in Hebei

Shanghai, Jul 25 (Reuters) Chinese steel futures edged higher on Monday on deepening cuts in output in a key industrial region, although cooling demand due to flooding in some regions helped to curb the gains.
The rise follows a nearly 7 percent drop in Shanghai Future Exchange rebar last week as investors booked profit on four straight weekly gains and worried over China's slowing property market and its impact on demand for steel products.Countering worries about demand, Tangshan city in the top steel-producing province of Hebei has deepened mandated output cuts to improve air quality for a memorial day for a 1976 earthquake that killed at least 250,000 people.The output cuts kicked off on July 12 but the pace has accelerated, traders said."The positive news is a bigger output cut, particularly for coking plants, in Tangshan, but demand has also been hit by floods in some regions," said Yu Yang, an analyst with Shenyin & Wanguo Futures in Shanghai."The market could be volatile this week."Benchmark prices for October rebar on the Shanghai Futures Exchange edged up 0.4 percent to 2,352 yuan
352.23 a tonne by the midday break. The contract fell 6.8 percent last week.Seventy-two people have been killed and 78 are missing in Hebei province after rain triggered floods and landslides. In central Henan province, 15 people were killed and eight were missing, state media reported on Saturday.
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