Chinese steel futures surge on report of output curbs

China's top steel-making hub, the city of Tangshan, is set to propose new curbs on output in a bid to reduce pollution once the current measures in place expired in March, Reuters reported citing a draft document.

The new measures reportedly called for limiting production from the city's mills for another 244 days from 16 March to 14 November.

If approved in full, the proposed restrictions could force some of the country's steel makers to cut their output by up to 15%.

Monday's news appeared to confirm a similar report from the same newswire from 1 February.

Despite that, Chinese steel rebar futures climbed 6.9% to $686.1 per metric tonne.