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UPDATE 1-China steel futures log weekly gains as demand improves

(Adds details and updates with closing prices)

BEIJING, April 30 (Reuters) - Chinese steel rebar and hot-rolled coils futures delivered weekly gains as consumption and demand for the industrial products improved, despite a slight easing on the day as investors locked in profits after a recent rally.

Inventories of five main steel products, including construction used rebar and wire rods, as well as manufacturing materials coils and plates, fell 5% on-week, data from Mysteel consultancy showed.

The drop came even as apparent consumption for steel products increased 5.3% this week, according to Mysteel.

The most-active steel rebar on the Shanghai Futures Exchange , for October delivery, dipped 0.4% to 5,391 yuan ($833.19) a tonne at close on Friday. The contract rose 1.7% this week.

Hot-rolled coil futures, used in cars and home appliances, ended down 1% at 5,688 yuan per tonne. They logged a 1.8% increase for the week.

The June contract of Shanghai stainless steel futures inched up 0.1% to 14,495 yuan a tonne.

“Fundamentals remain supportive for most metals in the very near term... we see steel and iron ore heading higher for now, before stabilising later on in the year,” analysts with Fitch Solutions wrote in a note.

FUNDAMENTALS

* Benchmark iron ore futures on the Dalian Commodity Exchange, for September delivery, plunged 3.7% to 1,089 yuan a tonne.

* Spot prices of 62% iron ore remained unchanged at $193.5 a tonne on Thursday from the previous session, data compiled by SteelHome consultancy showed. SH-CCN-IRNOR62

* Dalian coking coal jumped 1.1% to 1,773 yuan a tonne and coke declined 3.2% to 2,607 yuan.

* China’s factory activity in April expanded at the fastest pace in four months on stronger demand, but concerns over surging raw materials and input costs clouded the outlook, according to a private survey released on Friday.

* Chinese financial markets will be closed during May 1-5 for the Labour Day holiday. Markets will resume trade on May 6.

$1 = 6.4703 Chinese yuan Reporting by Min Zhang and Shivani Singh, Editing by Sherry Jacob-Phillips

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