BEIJING : Chinese stainless steel futures snapped a three-session losing streak on Thursday to rise more than 5per cent, buoyed by a surge in steelmaking ingredient nickel prices, although analysts warn that downstream consumption of the metal remains sluggish.
China's imports of nickel ore and nickel pig iron fell 1.6per cent and 12.3per cent, respectively, on a monthly basis in September, data released by the customs office on Wednesday showed. However, analysts say stainless steel consumption is still slow in the short term as recent power rationing has hurt manufacturing activities in the world's second-largest economy.
Other steel prices on the Shanghai exchange were lower. Construction rebar, for January delivery, fell 1.6per cent to 5,325 yuan a tonne and hot rolled coils dipped 0.5per cent to 5,587 yuan per tonne.
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