BEIJING- Chinese steel futures rose on Tuesday, on higher raw material prices and output-control expectations, although slowing construction activities and auto sales capped gains.
The most-actively traded construction rebar on the Shanghai Futures Exchange, for October delivery, gained 2.1 percent to 5,261 yuan ($814.25) per ton.
Hot rolled coils, used in cars and home appliances, rose 2.4 percent to 5,556 yuan a ton.
The August contract for stainless steel on the Shanghai bourse was up 2.1 percent to 16,875 yuan a ton.
“Futures are stronger than spot prices as currently market has a relatively strong expectation on production restrictions,” GF Futures wrote in a note.
