Sinosteel Futures analysts said in a note. According to industry data and consultancy provider Mysteel's latest survey of 247 Chinese steel mills, the overall blast furnace capacity utilisation rate edged up for the ninth straight week, rising another 0.89 percentage point on week to 88.03% over March 3-9. Chinese steelmakers have resumed operations after regular maintenance works or ramped up production amid improving margins and brightening outlook for the domestic economy. China reported unexpectedly strong credit growth for February, with money supply expanding at the fastest pace in nearly seven years, as Beijing looks to support a nascent economic recovery amid rising global risks. Chinese regulators, however, may take steps to curb surging iron ore prices, the state-owned Shanghai Securities Journal said on Friday. China's state planner, the National Development and Reform Commission, has suggested authorities should strengthen market supervision and crack down on misleading pricing information and hoarding. Rebar on the Shanghai Futures Exchange rose 1%, hot-rolled coil climbed 0.9% and wire rod added 0.2%. Stainless steel dipped 0.8%. On the Dalian exchange, coking coal and coke gained 0.7% and 0.4%, respectively.
(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)
