December 20, 2019 / 8:44 AM / a month ago

UPDATE 1-Shanghai rebar inches up, iron ore futures retreat

* Shanghai rebar futures extend gains

* Dalian iron ore down nearly 1% (Recasts; updates with closing prices)

BEIJING, Dec 20 (Reuters) - Benchmark steel rebar futures in China edged up on Friday, but posted a weekly fall, as market retraced after a robust gain last week amid demand uncertainties.

The most-actively traded construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, closed up 0.3% at 3,507 yuan per tonne. It fell 0.5% for this week, retreating from a 2.5% gain the week earlier.

Hot-rolled coil, used in cars and home appliances, fell 0.7% to 3,526 yuan per tonne.

“(The decline) is price adjustment by market,” said Liu Xinwei, iron and steel researcher at Sublime China Information. “It rose too much before without sufficient reasons.”

Liu said prices are expected to further revise before economic stimulus pledged by government finally landed.

Utilisation rates at 163 steel mills across China fell to 65.75% this week from 65.88% a week earlier, according to data compiled by Mysteel consultancy.

Inventories of steel products at Chinese traders picked up slightly to 7.47 million tonnes this week from 7.42 million tonnes a week ago, data from Mysteel showed.

FUNDAMENTALS

* The most-actively traded iron ore futures on the Dalian Commodity Exchange, for May 2020 delivery, fell as much as 1.3% to 633 yuan per tonne, before it closed down 0.9% at 635 yuan per tonne.

* Prices for spot cargoes of iron ore with 62% iron content for delivery to China unchanged from the previous session at $94.5 per tonne on Thursday.

* Other steelmaking ingredients shaded weaker, with Dalian coking coal inching down 0.04% to 1,184 yuan per tonne while Dalian coke dipped 0.05% to 1,872 yuan per tonne.

* Shanghai stainless steel futures, for February 2020 delivery, rose 0.2% to 14,340 yuan per tonne.

* China has tightened rules covering the safety management of tailings dams, including banning them in some areas, authorities said on Thursday, as the country aims to prevent risks after a fatal disaster in Brazil in January.

* Indian Bureau of Mines approved mining plan of Kumaraswamy iron ore mines of NMDC Ltd on Wednesday.

* Brazil’s regulator said Vale dam near Brumadinho is structurally sound and there is no reason for concern.

* U.S. Treasury Secretary Steven Mnuchin said on Thursday the trade deal between the two countries had already been put down on paper and translated, and that it would not be subject to any renegotiation.

$1 = 7.0081 Chinese yuan renminbi Reporting by Min Zhang and Tom Daly; Editing by Rashmi Aich

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