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China coking coal futures extend losses as imports jump
[BEIJING] Coking coal futures in China extended losses on Tuesday, dropping more than 2.5 per cent in early trade, after customs data showed imports of the steelmaking ingredient jumped in November.
China, the world's top steel producer, brought in 6.18 million tonnes of coking coal last month, 16 per cent higher than the same period a year earlier, data from the General Administration of Customs showed on Monday.
For the first eleven months of 2019, coking coal imports rose 17 per cent to 72.8 million tonnes.
The most active coking coal futures on the Dalian Commodity Exchange, for May 2020 delivery, were down 2.3 per cent at 1,151 yuan (S$222.68) per tonne by 0330 GMT. They fell 1.1 per cent in the previous session.
Coke futures on the Dalian exchange dropped 1.8 per cent to 1,838 yuan per tonne.
Wu Shiping, an analyst at Tianfeng Futures said coke prices were tracking the weakness in coking coal futures.
- The most traded Dalian iron ore futures, for May 2020 delivery, edged down 0.2 per cent to 639 yuan per tonne.
- Benchmark spot cargoes of iron ore with 62 per cent iron content for delivery to China rose US$0.50 to US$93.50 per tonne on Monday.
- Construction steel rebar on the Shanghai Futures Exchange fell 0.8 per cent to 3,507 yuan per tonne.
- Hot-rolled coil, used in cars and home appliances, slid 0.7 per cent to 3,540 yuan per tonne.
- Shanghai stainless steel futures, for February 2020 delivery, fell 1.0 per cent to 14,280 yuan per tonne.
- 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.