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Market Update: Steel Rises to 4-Week High
Shanghai steel futures traded around 5,000 yuan a tonne, the highest since May 21st, on concerns over tight supplies after China started inspecting steel mills in mid-June to verify if outdated plants have been eliminated and if environmental and energy-consumption standards are being implemented. Still, the off-peak season has gradually arrived and consumption declined significantly while production remains robust. Chinas crude steel output surged 13.9% from a year earlier in the January-May period despite constant pledges from the country to curb production based on carbon emissions, pollutant discharges and energy consumption. Considering May alone, production went up 6.6% on the year, easing from a 13.4% rise in April. The steel market has been under pressure due to China’s efforts to limit soaring commodity prices after cost of steel rallied to an all-time high of 5,975 yuan per tonne on May 11th. [/s2If]
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