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.