Steel sheet coils

Steel futures tumble 4% as China inventory piles up

China steel futures retreated on Monday, with stainless steel dropping more than 4% in early trade on declining in seasonal demand and increasing reports of COVID-19 infections.

Stainless steel for March delivery declined 3.3% to RMB14,185/tonne, while May delivery rebar on the Shanghai Futures Exchange dropped 1% to RMB4,427/tonne after opening down more than 4%.

Stockpiles up 5%

Mysteel consultancy data reports stockpiles of the industrial metal were up 5% from a week earlier; rebar inventories advanced 5%.

103 new COVID-19 cases

Mainland China reported the highest daily increase in COVID-19 cases in five months, with 103 new cases for Jan. 10.

Iron ore prices fall

Prices of most-traded iron ore futures on the Dalian Commodity Exchange posted a 1% decline to reach RMB1,053/tonne while coke slipped 3% to RMB2,870/tonne.

Author Image
Written By Christopher Norris
The Founder and Managing Director of, Christopher boasts a rich background in media, sales and advertising. He is driven by a relentless passion and fervour for constant innovation, ensuring that this platform remains on the cutting edge of news delivery.