Steel Hits Fresh Highs in China as Output Curbs in Sharp Focus
- Handan city unveiled plans for steel output control: Mysteel
- Rebar in Shanghai surged to new high; hot-rolled coil jumps
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Steel futures in China reached new highs as investors weighed the nation’s commitment to lowering production against its strong demand.
Rebar in Shanghai climbed to the highest level since futures began trading in 2009, while hot-rolled coil closed at a more than seven-year high. Both advanced over 3% this week as Mysteel Global reported Handan city in Hebei province planned to curb output, while some mills in the Fengrun area of Tangshan halted production from Thursday.