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The Covid-19 situation in China is greatly affecting the demand for construction materials in this country. The number of new F0 recorded on April 11 in Shanghai has exceeded 26,000 cases.
Strict measures related to COVID-19 still affect market sentiment and raise concerns that the recovery of the world's second largest economy may weaken. On the Shanghai floor, steel prices Futures for delivery in October 2022 decreased by 3.1% to 4,867 CNY (equivalent to 763.76 USD)/ton. Hot rolled coil price fell for the fourth consecutive session, down 3.1% to CNY 5,038/ton. The price of stainless steel for May 2022 futures fell 4.3% to 19,330 CNY/ton, after plummeting 5.3% in the early trading session.
At the same time, the price of iron ore for September 2022 on Dalian bourse fell 4.6% to CNY 869/ton, recording the biggest drop since March 15, 2022. Coking coal prices fell 3.6% to CNY 3,106/ton and coking coal prices fell 3.2% to CNY 3,930/ton.
Spot prices of 62%Fe iron ore to China fell $1.50 to $155.5/ton, consulting firm SteeHome said.
Hot rolled coil futures on the Shanghai Exchange, used in the manufacturing sector, fell for the fourth consecutive session and fell 3.1% to CNY 5,038/ton.
Similarly, the contract of stainless steel for delivery in May 2022 on the Shanghai Exchange ended the session down 4.3% at 19,330 CNY/ton, after falling 5.3% earlier in the session.
On the same day, prices of steelmaking materials on the Dalian Commodity Exchange also fell. In which, the price of iron ore for September delivery in September 2022 decreased by 4.6% to 869 CNY/ton. This is the largest percentage decrease since March 15, 2022.
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