June 11, 2020 / 7:37 AM / a month ago

UPDATE 1-Shanghai steel rebar ends lower on potential weather disruptions

* Construction steel rebar down 0.2%

* Dalian iron ore futures extend losses into the 3rd session

* Brazil prosecutors expand probe into Vale amid coronavirus containment (Adds details; Updates with closing prices)

BEIJING, June 11 (Reuters) - Chinese construction steel rebar futures ticked lower for a third straight session on Thursday on worries that inclement weather could disrupt construction activities.

Rainstorms are expected in middle-to-south regions in the coming few days, the China Meteorological Administration said.

The most-traded steel rebar on the Shanghai Futures Exchange , for October delivery, closed down 0.2% at 3,596 yuan ($508.64) per tonne.

CITIC Securities said it expects demand for steel products to drop in June-July, although 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, also extended losses into a third straight trading day, ending down 0.6% at 759 yuan a tonne.

Spot prices for iron ore with 62% iron content for delivery to China were unchanged at $105 per tonne on Wednesday.

Hot-rolled coil futures edged up 0.2% to 3,538 yuan a tonne on Thursday after China reported a second consecutive monthly growth in auto sales in May.


* Other steelmaking ingredients fell, with Dalian coking coal losing 0.8% to 1,186 yuan a tonne and coke down 0.1% at 1,955 yuan a tonne.

* Shanghai stainless steel, for August delivery, dipped 0.5% to 12,820 yuan a tonne.

* The office that enforces labor laws in Brazil’s Para state has stepped up an investigation into potential shortcomings in mining giant Vale’s efforts to protect workers from the coronavirus, authorities said on Wednesday.

* The Baltic Exchange’s main sea freight index rose 7% on Wednesday, propelled by higher capesize rates, on rising demand from China for iron ore. ($1 = 7.0698 Chinese yuan) (Reporting by Min Zhang and Tom Daly, Editing by Sherry Jacob-Phillips & Aditya Soni)

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