Capacity utilization rates of blast furnaces at 247 steel plants over the country were at 86.42% this week, data from Mysteel consultancy showed, up from 84.95% the week earlier and at the highest level after late July in 2021.
The most-active iron ore futures on the Dalian Commodity Exchange (DCIOcv1) for September delivery bounced as much as 3.9% to 925 yuan ($145.19) a tonne. They were higher by 2.7% to 914 yuan as of 0330 GMT.
Spot 62% iron ore for delivery to China (SH-CCN-IRNOR62) increased by $1 to $153 a tonne on Thursday.
According to Zhuo Guiqiu, an analyst with Jinrui Capital, steelmakers are resuming production to replenish demand in the downstream sectors.
Dalian coking coal futures (DJMcv1) earned 3% to 3,159 yuan a tonne; moreover, coke prices (DCJcv1) rose 1.3% to 4,223 yuan per tonne.
The country’s state planner stated it had approved 32 fixed-asset investment projects this year, counting 520 billion yuan. It is studying plans for a new policy reserve to expand investment in the manufacturing sector.
For October delivery, futures prices for construction material steel rebar on the Shanghai Futures Exchange (SRBcv1) bounced 1.3% to 5,049 yuan a tonne.
Hot-rolled coils (SHHCcv1), utilized in cars and home appliances, inched 0.8% higher to 5,191 yuan per tonne.
Noticeable consumption of main steel products, including the two materials in China, rose 3.5% as of Thursday from the week earlier, as stated by Reuters calculation based on production and inventory data that Mystee.
Finally, Shanghai stainless steel futures (SHSScv1) dropped 0.4% to 19,685 yuan a tonne.
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