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Stock exchange steel prices in China rose slightly on optimism of bidders

Asia / Ferrous metallurgy

Construction companies of China and fabricators gradually resume production after extended in connection with the coronavirus holidays.

Stock exchange steel prices in China rose slightly on optimism of bidders

the Largest manufacturers and distributors of steel in Beijing resumed its activities on Monday after the Christmas holidays extended by the government of China in connection with the epidemic of the coronavirus to 9 February. This is stated in the message S&P Global Platts.

Stock rebar prices on the Shanghai futures exchange closed Monday at 3 305 yuan (about 473 U.S. dollar) per tonne, up 20 yuan or 0.6% more than last Friday. On the physical market in Beijing offers fell to 505 3 yuan per ton of stock Monday afternoon, below 25 yuan per ton, compared with the assessment Platts last Friday.

market Participants continued to monitor developments related to the outbreak of coronavirus, with some expecting further news about the state support measures that prevent any sharp drop in prices.

All of the Chinese company, which resumed production, have taken measures to prevent the spread of coronavirus, for example, limiting the number of employees working in offices, and demanding that customers provide detailed information about transport and drivers, which will raise the cargo from the warehouses for a few hours before loading.

Plants and a trade company in Beijing, resuming work on Monday, did it with a limited staff in the office, with the Windows open for ventilation, and employees wearing masks, reported by other industry sources.

the Level of inventory of rebar in Beijing, according to participants of the market is at "high" level in more than 10 000 tons. Stocks can remain elevated, as it is expected that work on the construction sites will be renewed slowly, thus limiting the collection and movement of large groups of people.

According to analysis by Platts, the consumption of finished steel in China in February this year could be reduced by 43 million tons compared with the year without outbreaks of coronavirus due to slowing construction and manufacturing activity.

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