Stockpiles of 304 stainless steel jumped 15.38% last week to 520,500 tonnes from the week earlier, data from Mysteel consultancy showed.The
most-traded stainless steel contract on the Shanghai Futures Exchange,
for May delivery, closed down 1.8% at 14,900 yuan ($2,301.76) per tonne.
It dropped to 14,775 yuan earlier during the session.
However, the outlook for the metal is still optimistic on hopes of restocking demand with downstream companies and traditional peak season,
analysts with Huatai Futures said in a note.
Other steel prices on the Shanghai bourse gained after China’s industry minister reassured to cut steel production this year.Spot iron
ore with 62% Fe content for delivery to China fell by $1 to $174.5 a
tonne on Monday, according to SteelHome consultancy. SH-CCN-IRNOR62
* Portside iron ore inventories in China gained to 129 million tonnes last week from 128.65 million tonnes a week earlier.
SH-TOT-IRONINV
* Nippon Steel, the world’s No.3 steelmaker, will boost research and development spending to speed decarbonisation in steelmaking as it
faces growing pressure to cut carbon emissions to help tackle climate
change.
* China’s Inner Mongolia will end all cryptocurrency mining projects and stop reviewing new projects in industries which consume large
amounts of energy, such as steel, coke and methanol production.
