China’s coking coal futures on November 3 rose for the first time in six sessions, up more than 12% amid tight supply, while coking coal prices also surged.

The current coke price is about 1,100 CNY ($171.90)/ton higher than the January 2022 futures contract, while the spot coke price is also several hundred CNY higher.

Coke futures traded on the Dalian Commodity Exchange rose 12.6% to 2,474 yuan ($386.63) a tonne. In the preceding session, the price of coke rose 11.3% to CNY 2,446.

 

Coke futures on the Dalian bourse rose 7.3% to CNY 3,195 per tonne, while coking coal rose 8.9% in the previous session.

Iron ore futures on the Dalian Exchange fell 0.4 percent to 590 yuan a tonne. Spot price of 62%Fe iron ore for China fell $5 to $102/ton. Steel prices on the Shanghai Futures Exchange fluctuated mixed.
Rebar price fell 0.2% to CNY 4,380/ton while hot rolled coil used in the manufacturing sector increased 1.0% to CNY 4,752/ton.

Shanghai stainless steel futures for December delivery fell 1.4% to CNY 18,470/ton.

Exports of iron ore from Australia and Brazil have stabilized at a relatively high level. Exports to China of the two countries increased by nearly one million tons to 23.96 million tons, as of November 1. Iron ore inventories at 45 ports in China reached 146.5 million tons this week, up 4.05 million tons from the previous week.

Source: VINANET/VITIC/Reuters

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