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China steel futures remain range-bound as Beijing vows to stabilise prices

BEIJING, April 21 (Reuters) - Chinese steel rebar and hot-rolled coil futures gained on Wednesday, but hemmed in tight range after Beijing pledged to stabilise commodity prices and crack down on speculators.

The industry ministry said on Tuesday it would work together with relevant departments to enhance supervision of raw material prices and strike market monopoly while prevent panic buying.

The most-traded construction rebar on the Shanghai Futures Exchange, for October delivery, rose 0.5% to 5,141 yuan ($790.86) a tonne as of 0215 GMT.

Hot rolled coils, used in cars and home appliances, inched up 0.1% to 5,398 yuan per tonne.

Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, gained for a fifth straight session and were up 0.8% at 1,095 yuan a tonne.

Spot prices of iron ore with 62% iron content for delivery to China SH-CCN-IRNOR62 jumped by $5 to $186.5 a tonne on Tuesday.

Other steelmaking ingredients on the Dalian bourse were mixed, with coking coal dropped 1.7% to 1,707 yuan a tonne while coke dipped 0.4% to 2,541 yuan per tonne.

FUNDAMENTALS

* Shanghai stainless steel futures, for June delivery, slipped 0.6% to 13,845 yuan a tonne.

* The China Iron and Steel Association said China could realise the goal of fewer crude steel output by limiting pig iron production, while steel capacity of electric arc furnaces should not be curbed. (bit.ly/3dz4j2o)

* BHP Group Ltd said on Wednesday it expects annual iron ore production at the upper end of its forecast, although bad weather and planned maintenance at its South Flank project sent third-quarter output nearly 2% lower. ($1 = 6.5005 Chinese yuan) (Reporting by Min Zhang and Shivani Singh; editing by Uttaresh.V)

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