UPDATE 1-China steel prices leap to record highs on robust demand, clampdown

* Strong demand, prices boost steel profit margins in China
* Daily crude steel output in China at highest since mid-Jan
* Iron ore futures pause rally, spot prices touch decade
high

(Updates prices, adds chart)
By Enrico Dela Cruz
April 22 (Reuters) - Prices of rebar and hot-rolled coil in
China, the world's top steel producer, rose to record highs on
Thursday, underpinned by strong demand at home and overseas and
helping sustain the high level of profitability enjoyed by
mills.
Rebar on the Shanghai Futures Exchange SRBcv1 ended
daytime trade 1% higher at 5,208 yuan ($803.16) a tonne, after
earlier hitting 5,238 yuan, the highest since 2009 when trading
of construction steel contracts began on the bourse.
Hot-rolled coil SHHCcv1 was up 2.3% at 5,552 yuan a tonne,
after touching 5,579 yuan, its strongest since 2014 when trading
of contracts for steel used in car bodies and home appliances
started.
Strong demand for steel products at a time when China is
moving to cut output by curbing operations of highly pollutive
blast furnaces, and possible further restrictions, pushed
margins higher, prompting mills to ramp up production.
Crude steel output among the 318 Chinese steel mills under
Mysteel consultancy's regular survey rose to an average of 2.92
million tonnes a day over April 11-20, the highest since
mid-January.
Against the backdrop of "the dual momentum of production
restriction and peak season demand, the market continues to
operate in a bullish atmosphere", Sinosteel Futures analysts
said in a note.
Prices of billets in Asia, for instance, have reached the
highest level in nearly nine years, propelled by strong demand
particularly from the Philippines, which imports the product
mainly from China, they said.
September iron ore on China's Dalian Commodity Exchange
DCIOcv1 slipped 0.5% after a five-session rally. The
steelmaking ingredient's May contract on the Singapore Exchange
SZZFK1 slumped 1.1% by 0705 GMT.
The benchmark 62% iron ore's spot price in China was $188.50
a tonne on Wednesday, the highest on record or since 2011, based
on SteelHome consultancy data. SH-CCN-IRNOR62
Dalian coking coal DJMcv1 leapt 2.1%, while coke DCJcv1
advanced 1.6%.
Shanghai stainless steel SHSScv1 shed 0.3%.

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Spot iron ore prices in China hit decade highs https://tmsnrt.rs/3tIkpMz
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