Steel futures rebound amid raw materials support
Release Date:
2026-01-08
Chinese rebar and hot-rolled coil futures saw only a minor rebounded on Tuesday after falling in the previous few trading days, Kallanish notes.
On the Shanghai Futures Exchange, the most-traded, May 2026 rebar contract closed at CNY 3,111/tonne ($445/t) on Tuesday, up CNY 7/t versus the prior trading day. The same contract for HRC gained CNY 15/t at CNY 3,263/t.
Overall market sentiment has not improved significantly and remains pessimistic. However, on Wednesday afternoon, coking coal, coke, and iron ore futures rebounded slightly after falling in the morning, driving a slow rebound in steel futures. Most market observers believe this is merely due to capital flows and lacks any fundamental improvement.
After a brief respite the previous day, steel spot prices have started to fall in more cities. The current price reductions are relatively limited, mostly around CNY 10/t.
From: Kallanish
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