中文
China's construction steel rebar futures edged lower on June 11, down for a third straight session, on worries inclement weather could disrupt construction activities.
China Meteorological Administration extended blue alert on expected rainstorm in middle-to-south regions in the coming few days.
The most-traded steel rebar on the Shanghai Futures Exchange, for October delivery, dipped 0.2% to 3,596 yuan/t ($509.22/t) by 0215 GMT.
CITIC Securities expects demand for steel products to drop in June-July, while supply might remain resilient.
"Raw material prices could peak in the third quarter ... steel profits could bottom out in August-September with demand recovering after the rainy season," it wrote in a note.
Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, rose 0.5% to 767 yuan/t after Brazil prosecutors expanded probe into mining giant Vale's efforts to shield workers from the coronavirus.
Other steelmaking ingredients were mixed, with Dalian coking coal dropping 1.1% to 1,182 yuan/t, while Dalian coke gained 0.5% to 1,967 yuan/t.
Hot-rolled coil futures, used in the manufacturing sector, rose 0.5% to 3,549 yuan/t.
Shanghai stainless steel, for August delivery, dipped 0.4% to 12,830 yuan/t.
Spot prices for iron ore with 62% iron content for delivery to China was unchanged at $105/t on June 10.
The Baltic Exchange's main sea freight index rose 7% on June 10, propelled by higher capesize rates, on rising demand from China for iron ore.
(Writing by Tammy Yang Editing by Jessie Jia)
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