Date: 6 months ago   Category: Economy

Prices of steel in China flew up for 7% after the announcement of truce with the USA


Exchange prices of steel and raw materials for metallurgical industry grew by 6%-7% at the beginning of the auction on Monday after the statement of China and the USA for 90-day trade truce.

Futures for delivery of steel fittings in Shanghai rose in price for 7% up to 3,842 yuans (about $555) for ton at once. Exchange prices of hot-rolled rolls grew in price for 6 percent to a two-week maximum.

Steel-smelting raw materials also rises in price at the Chinese exchanges together with prices of steel.

the Most active futures for supply of iron ore in January, 2019 rose in price for 5.9% that is the sharpest intra day growth since the beginning of August.

Contracts for delivery of the coked coal in Dalian grew by 6.9% up to 1,425 yuans, and futures for coke jumped by 7% at opening of the auction.

However analysts warn that the rally can be temporary as market conditions remain fundamentally weakened.

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