Chinese steel ingredients futures gained on Friday, with coking coal surging nearly 7% and coke up 4.7%, as fresh restrictions to curb the spread of COVID-19 infections hindered mills from restocking raw materials, stoking fears of tight supply.
Stainless steel futures on the Shanghai Futures Exchange inched higher on Wednesday, fuelled by a pick-up in raw material prices and downstream consumption.
Chinese steel product futures dropped on Monday, with stainless steel falling more than 4% in early trade, as inventories piled up for a second consecutive week on easing seasonal demand while a surge in domestic COVID-19 infections also weighed.
Benchmark iron ore futures in China fell nearly 6% on Wednesday, after the country urged the steel industry to produce less crude steel next year amid the government's carbon neutrality scheme.
Benchmark iron ore futures in China fell nearly 6% on Wednesday, after the industry minister urged the steel industry to produce less crude steel next year amid the government's carbon neutrality scheme.