Steel futures rebound after recent declines
Release Date:
2026-01-14
Chinese rebar and hot-rolled coil futures rebounded slightly on Monday after two trading days of declines, Kallanish notes.
On the Shanghai Futures Exchange, the most-traded, May 2026 rebar contract closed at CNY 3,165/tonne ($454/t) on Monday, up CNY 21/t versus the prior trading day.
The same contract for HRC gained CNY 17/t at CNY 3,311/t.
The market has not changed substantially from the previous few days, so most market participants believe this rebound is due to the overall positive macroeconomic sentiment.
Meanwhile, the Chinese stock market has surged. The Shanghai Composite Index to rise for 17 consecutive trading days, which is the longest continuous rise since 1993.
Macroeconomic funds also flowed into coking coal on Monday. Without any fresh positive news, the May 2026 contract for coking coal futures surged more than 4% from Friday, with its intraday high exceeding the high reached last Wednesday, which was fuelled by rumours of production and capacity cuts.
Spot steel prices saw very limited gains, remaining stable in most cities. Many traders preferred to quickly sell off inventory to secure cash rather than chase rising futures prices.
From: Kallanish
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