BEIJING: Coking coal futures on China's Dalian Commodity Exchange rose for a second day on Thursday, up nearly 3% by market close, fuelled by high utilisation rates at blast furnaces amid lean supplies.
"The fourth-quarter is typically an off-peak season for (coking coal) supplies," GF Futures wrote in a note, adding that purchases from Mongolia picked up after a suspension of Australian imports, although the absolute amount is not big.
But, the first domestic transmission of the novel coronavirus in Mongolia also stoked concerns on customs clearances. The most-traded coking coal futures, for February delivery, gained as much as 3.0% to 1,350 yuan ($203.69) per tonne, before closing 2.9% higher.
Benchmark iron ore futures also extended gains into a fifth consecutive session on firm demand for steelmaking ingredients at mills. The most-active January contract of iron ore closed up 0.2% to 836 yuan a tonne. Spot prices of iron ore with 62% iron content for delivery to China gained by $1.5 to $123 per tonne as of Wednesday, according to SteelHome consultancy.
Dalian coke futures fell 1.4% to 2,392 yuan a tonne. Construction rebar on the Shanghai Futures Exchange inched 0.2% lower at 3,832 yuan per tonne. Hot-rolled coils dipped 0.7% to 3,924 yuan a tonne. Shanghai stainless steel declined 1.5% to 13,490 yuan per tonne.
China's state planner said on Thursday it has approved a high-speed railway project with a total investment of 85.1 billion yuan. China's new bank loans fell more than expected in October to the lowest in a year, but the drop was likely seasonal and policymakers are expected to maintain solid support for the economy as the global pandemic rages on.
Comments
Comments are closed.