Markets will be closed on June 25-26
* Shanghai rebar down 0.7% for the week
* Dalian iron ore posts 0.4% weekly gain
* Spot 62% iron ore unchanged at $102.5 per tonne (Adds details, chart, and updates with closing prices)
BEIJING, June 24 (Reuters) – Steel rebar and hot-rolled coils (HRC) futures on the Shanghai Futures Exchange shuffled in narrow range on Wednesday, as rising steel production and lean demand from downstream users stoked worries about oversupply during the off-peak season.
The most traded construction steel rebar, for October delivery, closed up 0.2% to 3,620 yuan ($512.28) per tonne, though it reported a 0.7% drop for the week shortened due to China’s Dragon Boat Festival.
Financial markets in China will be closed on Thursday and Friday, and will reopen on Monday, June 29.
Hot-rolled coils, mainly used in the manufacturing sector, ended down 0.4% to 3,604 yuan a tonne.
Data compiled by consultancy Mysteel showed that weekly output of five main steel products, including rebar and HRC, continued to rise to 10.94 million tonnes, as of June 18, lifting concerns on increasing supply-and-demand contradiction amid softening demand.
“Current steel profit margins for long-processed steelmaking is at around 300-400 yuan per tonne, under which the supply is hard to drop dramatically,” Huatai Futures wrote in a note, adding that demand faces further downward risks due to weak construction activities.
Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, rose 2.1% to 771 yuan per tonne. It gained 0.3% for the week.
FUNDAMENTALS
* Stainless steel futures on the Shanghai bourse, for August delivery, dropped 0.5% to 13,150 yuan a tonne.
* Dalian coking coal gained 0.6% to 1,190 yuan a tonne and coke rose 0.3% to 1,956 yuan per tonne.
* Spot prices for iron ore with 62% iron content for delivery to China stood at $102.5 per tonne on Tuesday, unchanged from the previous session.
* India has imposed an anti-dumping duty on flat-rolled steel products that are plated or coated with alloy of aluminium and zinc originating in, or from China, Vietnam and South Korea, according to a government order issued on Tuesday.
($1 = 7.0665 Chinese yuan)