Steel Futures Market Surges after Fire at Benxi Steel

SHANGHAI, Sept. 1 (SMM) – At 10:15 this morning, a fire broke out at one new blast furnace at Benxi Steel in Liaoning Province. 

No casualties were reported, and the cause of the fire is under investigation. The fire does not damage the furnace, and meanwhile, the steel mill has spare units, and production will return to normal soon, the company said.

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The safety inspections have just begun for the nearing 19th CPC National Congress, and whether or not the inspections will be strengthened further after the accident should be closely watched.

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Following the news, hot-rolled futures hit the upward daily limit on 13:35, and rebar futures price, the most actively-traded one, gained 6.3 per cent, and iron ore, coking coal and coke advanced by 5.1 per cent, 3.8 per cent and 2.5 per cent, respectively. 

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