Chinese steel and iron ore futures are rebounding on Tuesday, partially reversing some of the heavy losses so far in March.
Here’s the scoreboard at 1pm in Sydney.
SHFE Rebar ¥3,413 , 1.46%
DCE Iron Ore ¥446.00 , 1.71%
DCE Coking Coal ¥1,251.50 , 0.81%
DCE Coke ¥1,855.50 , 0.11%
After closing Monday’s night session at 3,369 yuan a tonne, the May 2018 rebar contract in Shanghai is currently trading at 3,413 yuan a tonne.
That strength appears to be supporting iron ore, coking coal and coke contracts in Dalian which have also added to overnight gains.
However, even with today’s bounce, all four contracts have lost between 11.5% to 18% this month on the back of heightened concerns about the outlook for Chinese steel demand and renewed trade tensions between the US and China.