SHANGHAI, May 7 (SMM) – Prices of rebar futures and spot cargoes across Chinese markets rebounded on Tuesday May 7 as concerns about iron ore supplies grew after a Brazilian court ordered Vale to halt operations at its Brucutu mine.
The most active October contract on the Shanghai Futures Exchange gained 0.24% on the day and closed at 3,767 yuan/mt. The contract tumbled 1.4% on Monday after US President Donald Trump said the US would hike tariffs on goods from China.
Spot prices also recovered, with eastern markets climbing back to the levels seen before the Labour Day holiday.
In Hangzhou, prices rose 50 yuan/mt on the day. Shagang materials were quoted at 4,220 yuan/mt in the morning, while Zenith materials were quoted at 4,200 yuan/mt. Prices dipped 10 yuan/mt in the afternoon, with Shagang materials offered at 4,210 yuan/mt, due to poor trades.
Overall trades across Chinese markets were tepid today as recent developments kept buyers on the sidelines. Fresh tariff threats from the US, probably stricter output curbs across steelmakers in Tangshan and suspended restarts of Brucutu mine resulted in a choppy market.