BEIJING, April 1 (Reuters) - Chinese steel rebar and hot rolled coil futures rose on Thursday shored up by expectations of further demand on upbeat economic indicators and Beijing’s efforts to stimulate consumption.
China’s excavator sales in the first two months surged 149% from same period year earlier, according to a state media report, suggesting buoyant infrastructure activities.
Meanwhile, the industry ministry and other departments jointly issued a notice, encouraging new energy vehicle sales in smaller cities and rural areas, which will last throughout 2021. (bit.ly/3doCWqn)
The most traded construction rebar on the Shanghai Futures Exchange, for May delivery, gained 0.7% at 4,991 yuan ($760.00) a tonne, as of 0330 GMT.
Hot rolled coil futures, used in cars and home appliances, jumped 1.1% to 5,444 yuan per tonne.
Benchmark iron ore futures on the Dalian Commodity Exchange also gained.
The most actively traded May contract rose 1.1% to 1,104 yuan a tonne, while September contract - with most open interests - jumped 2.6% to 974 yuan per tonne.
Spot 62% iron ore for delivery to China SH-CCN-IRNOR62 was unchanged at $166 a tonne on Wednesday from the previous session, according to SteelHome consultancy.
Other steelmaking ingredients were mixed, with Dalian coking coal plunging 4.2% to 1,588 yuan a tonne and coke rising 1.3% to 2,315 yuan per tonne.
FUNDAMENTALS
* Stainless steel futures on the Shanghai bourse fell 1.5% to 14,330 yuan a tonne.
* China’s factory activity at small, private and export-oriented firms expanded at the slowest pace in almost a year, the Caixin survey showed, but underlying economic conditions remained positive.
* China’s State Council, the country’s cabinet, said on Wednesday the country would further cut taxes for smaller firms and advanced manufacturing companies would see preferential tax policies as well.
$1 = 6.5671 yuan Reporting by Min Zhang and Shivani Singh; Editing by Amy Caren Daniel
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