Coking coal futures in China closed at a near one-year low on Tuesday after the steelmaking ingredient's imports jumped in November.
The most-active coking coal futures on the Dalian Commodity Exchange, for May 2020 delivery, ended down 2.3% at 1,151 yuan ($164.23) per tonne, the lowest since January 10.
China, the world's top steel producer, imported 6.18 million tonnes of coking coal last month, 16% higher from a year ago, data from the General Administration of Customs showed on Monday.
For the first eleven months of 2019, coking coal imports rose 17% to 72.8 million tonnes.
The rise came as overseas demand for steelmaking raw materials weakened in November amid falling crude steel output, which, however, remained to be robust in China.
Global crude steel output fell 1% to 147.8 million tonnes in November from the same month last year, according to data from the World Steel Association.
But output from China increased 4% year-on-year to 80.3 million tonnes last month.
"Overall construction activities are still at relatively high level in China, and there's restocking demand," Huatai Futures wrote in a note.
Meanwhile, coke futures on the Dalian exchange fell 0.9% to 1,854 yuan per tonne. It fell as much as 2.1% to 1,831 yuan per tonne.
Coke prices were tracking the weakness in coking coal futures, Tianfeng Futures analyst Wu Shiping said.
The most-traded Dalian iron ore futures, for May 2020 delivery edged up 0.3% to 643 yuan per tonne.
Benchmark spot cargoes of iron ore with 62% iron content for delivery to China rose $0.5 to $93.5 per tonne on Monday.
Construction steel rebar on the Shanghai Futures Exchange fell 0.7% to 3,510 yuan per tonne.
Hot-rolled coil, used in cars and home appliances, slid 0.3% to 3,553 yuan per tonne.
Shanghai stainless steel futures, for February 2020 delivery, fell 0.8% to 14,310 yuan per tonne.
An explosion rocked POSCO's steel mill in Gwangyang, knocking out a generator facility and injuring five people at the world's fifth-largest steelmaker, the South Korean company said.
Japan's crude steel output is forecast to fall 2.6% in the first quarter of 2020 from a year earlier, the ministry of economy said.
Anglo American has received the final operating license it needs to boost production at its Minas-Rio iron ore mine in Brazil to its full capacity of 26.5 million tonnes a year, the mining company said on Monday.
China's Premier Li Keqiang said on Monday the government will study taking more measures to lower financing costs for smaller companies, including broad-based and "targeted" cuts in the reserve requirement ratio, relending and rediscounting.
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