China steel futures up, lower stock, property boom

Published: 03 Nov 2009 01:58:15 PST

Nov. 3 MetalBiz--Steel futures on SHFE settle higher as inventories begin to edge lower. Rebar stocks down to 3.97mln tons from 4mln tons in preceding week; wire stocks down to 1.2mln tons from 1.3mln tons, says Huang Shuai of Orient Securities Futures. "With inventory heading down, demand is likely to maintain strength with the booming property sector," Huang says. Tips rangebound trade at 3,820 yuan-4,000 yuan next one to two weeks. Benchmark January rebar up 40 yuan or 1% at 3,912 yuan per ton; January wire settles up 25 yuan or 0.7% at 3,740 yuan per ton.