LCAP

Lionheart Acquisition Corp. II

10.78
USD
13.24%
10.78
USD
13.24%
8.94 11.70
52 weeks
52 weeks

Mkt Cap 254.95M

Shares Out 23.65M

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Shanghai steel futures range-bound as COVID lockdowns offset stimulus measures

BEIJING, May 25 (Reuters) - Chinese steel futures flitted in a tight range on Wednesday, as COVID-19 lockdowns continue to dampen market demand despite a raft of recent stimulus measures to prop up an ailing real-estate market and the world's second-largest economy. Regulators have pledged to keep credit growth stable in the property sector, and said would broaden tax credit rebates, postpone loan payments, and roll out more investment projects to help the economy hit by the pandemic outbreaks. "However, we noticed the new round of COVID outbreak since March had led to intensifying prevention measures in the first- and second-tier cities, and effect of those favourable policies has not shown yet," analysts with the Research & Development department of Founder CIFCO Futures said. The most-traded steel rebar contract on the Shanghai Futures Exchange SRBcv1 for October delivery inched down 0.2% to 4,541 yuan ($680.87) a tonne at close. Futures of hot-rolled coils SHHCcv1, which are used in cars and home appliances, closed flat at 4,673 yuan per tonne. Shanghai stainless steel prices SHSScv1, for June delivery, inched 0.4% higher to 18,595 yuan a tonne. China aims to bring its economic operations back onto a normal track with a package of targeted, forceful and effective measures, the cabinet said. Analysts expect consumption to pick up once COVID-related restrictions are lifted, but said the economy will take time to completely absorb all stimulus measures. Benchmark iron ore futures DCIOcv1 for September delivery recouped early losses to close 0.4% higher at 852 yuan a tonne. Spot prices of iron ore with 62% iron content for delivery to China SH-CCN-IRNOR62 fell $5 to $130 on Tuesday, according to SteelHome consultancy. Dalian coking coal futures DJMcv1 slipped for a third consecutive day and shed 1.7% to 2,492 yuan a tonne. Coke prices DCJcv1 fell for the second straight session, down 2.1% at 3,275 yuan per tonne. ($1 = 6.6694 Chinese yuan) (Reporting by Min Zhang in Beijing and Enrico Dela Cruz in Manila; Editing by Sherry Jacob-Phillips) ((min.zhang@thomsonreuters.com; (8610) 5669-2105;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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