Shanghai steel prices rise on falling inventory
China’s Shanghai rebar recovered from a dip in the previous session after weekly inventory data showed firm demand from downstream sectors, even as a trade row with the United States intensified.
Weekly stocks of steel products dipped 5,800 tonnes to just below 10 million tonnes as of Friday, data from consultancy Mysteel showed, with rebar stocks falling 2.4 percent. Howver, hot-rolled coil stocks rose 2.3 percent.
Average daily crude steel output at major steel companies over July 21-31 was at 1.91 million tonnes, down 2.5 percent compared with July 11-20, according to China’s Iron & Steel Association (CISA), curbed by stepped up anti-pollution measures across the nation.
