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The steel rebar on the Shanghai Futures Exchange, for October delivery, fell 2.8% to stand at 5,599 yuan ($869.75) per metric ton which compares with a record closing high of 6,171 yuan last Wednesday, 13th Mei 2021.
Hot rolled coils used in the manufacturing sector tumbled 4.4% to 5,992 yuan a metric ton in contrast with a record closing high of 6,683 yuan last Wednesday.
Surging steel prices have forced some construction firms and manufacturers to slow metal purchases. The skyrocketed steel prices have badly eroded the profitability of export businesses as they can’t pass the increased costs onto their customers at the same speed as the rising commodity prices.
Regulators in the cities of Shanghai and steel hub Tangshan on Friday also warned local mills against price gouging, collusion or other irregularities that might disrupt market order, which is expected to help keep a lid on prices.