Steel prices in China are three- months low on less demand

11 Jul 2024 CW Team

China is the world's largest user of steel, but sluggish demand from the country's construction industry caused steel prices to drop to a level below those of the previous three months. Rebar on the Shanghai Futures Exchange (SHFE) dropped to 3,471 yuan per metric tonne, the lowest price since April 8, by as much as 1.1%. At 3,478 yuan, the contract finished 0.9% down. According to recent statistics from China, the country's domestic demand is still recovering slowly, and data on building projects shows a double-digit percentage decline in the first five months of the year. The price of SHFE hot-rolled coil steel fell to 3,680 yuan per tonne, a level not seen since April 8. It closed at 3,681 yuan, down 0.7%. Steel shed 0.8% of SHFE wire rod. By 0700 GMT, the benchmark August iron ore contract on the Singapore Exchange had lost 3.4% to $107.70 a tonne, while the most traded September iron ore on China's Dalian Commodity Exchange (DCE) had fallen 1.8% to 813 yuan a tonne. Coke decreased 1.1% to 2,215 yuan, and DCE coking coal fell 2% to 1,531 yuan per tonne. Still, the price drop appears to be restricted. "The demand hasn't fully vanished, despite its weakness. Thus, any price decline won't be unduly significant, especially because much of the pessimism has already been priced, a trader stated.According to the trader, the supporting levels for the contracts for hot-rolled coil and SHFE rebar are 3,600 and 3,360 yuan, respectively. Market participants have been eyeing China's key political meeting next week as they hope for supportive policies to boost demand for steel. "There might be some talks of boosting the economy, etc., but I think what the market is looking for are details," said the trader.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..