Shanghai steel cuts losses, stays near six-year high amid curbs

Shanghai rebar futures pared losses on Thursday to close near a six-year peak reached in the prior session on expectations further output curbs in China could keep supply tight in the world’s top producer. On top of ongoing restrictions at industrial plants in many Chinese cities, Beijing is planning to impose production curbs for a
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China’s iron ore imports rebounded in July, customs data showed on Wednesday, buoyed by record steel production and strong margins as official measures to cut pollution curb the output of cheaper products from small mills. The world’s top iron ore importer bought 89.96 million tonnes of the steel making raw material last month, according to
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China’s construction steel rebar prices gained more ground on Wednesday to trade near last session’s 10-1/2 month high on expectations of lower supplies following the country’s crackdown on pollution and higher demand. The most active rebar on the Shanghai Futures Exchange finished up 0.4 percent at 4,017 yuan ($592.80) tonne. On Tuesday, the market hit
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China’s iron ore imports dropped 11.6 percent in June from the previous month, customs data showed on Friday, hit as Beijing intensifies its push to clean up the country’s environment and by mounting stockpiles at ports. Arrivals into the world’s top importer of the steelmaking material reached 83.24 million tonnes last month, according to the
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Chinese steel futures rose on Wednesday after the country’s biggest steelmaking city, Tangshan, said it would deepen output curbs over the summer, raising concerns of tight supplies in the market. Tangshan, home to 64 steelmakers, has ordered steel mills, coke producers and utilities to cut output further starting from July 20 until Aug. 31, according
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Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday. The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels
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