Prices of coking coal and coking coal on 9/9 hit a record high due to scarcity of supply

Prices of coking coal and coking coal on 9/9 hit a record high due to scarcity of supply

– Coke prices increased more than 7%, coke increased more than 5%
– Dalian iron ore prices hit 7-month low
Dalian iron ore for January delivery fell 2.7%

China’s coking coal and coking coal prices rose to record highs, on concerns about a prolonged tightening of the steelmaking raw material supply by the world’s top steelmaker.
January coking coal prices traded on the Dalian Commodity Exchange ended 7.2% higher at CNY 3,049.50 ($472.00) a tonne, after hitting a high the most is 3,071.50 CNY.

Coke prices rose 5.3% to CNY 3,787.50 a tonne, up for the ninth consecutive session, but dropped from a peak of CNY 3,838.50.

 

Iron ore for October delivery on the Singapore Exchange fell 1.6% to $129.50 a tonne.

The coal supply crisis, which China is expected to ease in July, continues to affect the country’s steel sector as local mines face tougher environmental and safety restrictions. .
Meanwhile, imports have been reduced by Australia’s coal ban and COVID-19 restrictions that have hampered shipments from Mongolia.
Analysts say coking enterprises, especially in Shanxi and Shandong provinces, have been affected by environmental protection and stricter safety supervision by the authorities.
China has said it is willing to buy more mineral and agricultural products from Mongolia and will work with the country to ensure its cross-border trade is unimpeded.
China’s coking coal prices have surged 90% in the past five months due to rising supply concerns.

As coking coal and coke hit new highs, iron ore – another steelmaking feedstock – remains under pressure amid a slowdown in China’s steel output.
Dalian iron ore for January delivery fell 2.7% to 730 yuan ($113) a tonne, after touching 717.50 yuan in the previous session, the lowest since Feb. 4.
Iron ore for October delivery on the Singapore Exchange fell 1.6% to $129.50 a tonne.
Rebar prices on the Shanghai Futures Exchange rose 4.5%, while hot rolled coil rose 2.7%. Stainless steel prices rose 1.2%.

Source: VITIC/Reuters

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