Steel soars in China with production cuts amid peak demand period – ISTOÉ MONEY

Steel soars in China with production cuts amid peak demand period – ISTOÉ MONEY

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Steel soars in China with production cuts amid peak demand period – ISTOÉ MONEY

BEIJING (Reuters) – Steel futures traded in China advanced on Friday, with stainless steel following gains in rebar and hot-rolled coils and jumping more than 6% as production restrictions during the period peak demand raises concerns about global supply.

Apparent demand for five major steel products, including materials used in construction and manufacturing, increased for the third week in a row, reaching 10.41m tonnes, according to data from consultancy Mysteel compiled through Thursday.