Prices of steel futures in China further lost steam as buyers were prudent in purchase amid a slack demand winter season.
The most traded rebar futures for May delivery on the Shanghai Futures Exchange dipped 0.6% on the day to 3,899 yuan/t by GMT 0210 January 31.
Many traders feared that too much hoarding may incur loss if future prices don't increase as expected, said Wei Ying, analyst with Industrial Futures.
"They (traders) have built up lots of stocks last week, after which reduced buying interest as prices rose fast," she said.
By contrast, steel producers were generally upholding offer prices. Some large mills in the east quoted spot steel at 3,840-3,900 yuan/t, while small ones offered at 3,750-3.800 yuan/t.
(Writing by Jessie Jia Editing by Harry Huo)
For any questions, please contact us by email@example.com or +86-351-7219322.