China’s coking coal futures traded on September 28 fell for a second straight session and plummeted to a near two-month low, as Beijing stepped up measures to cool soaring coal prices.
China’s National Policymaking Administration, has held a meeting with manufacturers and industry associations to discuss price stabilization measures.
Coking coal supplies remain tight as imports from countries like Mongolia are affected by the pandemic situation, said Huatai Futures analyst.
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Beijing stepped up measures to cool soaring coal prices.
Accordingly, the most actively traded coke contract on the Dalian Commodity Exchange for January delivery fell 12% to 2,503 CNY/ton (equivalent to $391.24), hitting the lowest level since September 1. 2021.
Coke futures also fell 12% to the limit.
Iron ore futures fell 6.1% to 657 CNY/ton. Spot iron ore 62%Fe increased by 1 USD to 122.5 USD/ton.
The price of steel bars used in construction on the Shanghai Futures Exchange fell 4.5% to 4,557 CNY/ton.
Prices of hot rolled coil used in the production of automobiles and home appliances fell 5% to CNY 4,890/ton.
Shanghai stainless steel futures for December delivery fell 4.6% to CNY 19,020/ton.
Steel supply is expected to continue to be impacted by energy consumption controls and environmental constraints in preparation for the Winter Olympics, while iron ore demand will also decline in the long term. .
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