Dalian coking coal tumbles as state planner calls for price stability
BEIJING – Chinese coking coal futures plunged on Thursday, after the country's state planner alerted companies with inflated coal prices, while benchmark iron ore rebounded despite government warnings.
The National Development and Reform Commission summoned some coal producers on Wednesday, urging them to resume supply as soon as possible, and asked local authorities to strengthen supervision and keep coal prices within reasonable range.
The most-traded coking coal futures on the Dalian Commodity Exchange dropped as much as 5.4% to 2 273 yuan ($357.27) per tonne in morning trade. They ended down 2.5% at 2 342 yuan a tonne.
Thermal coal futures on the Zhengzhou Commodity Exchange also dived, shedding as much as 7.5% to 801 yuan a tonne, their lowest since December 3.
Coke prices on the Dalian bourse dipped 0.1% to 3 083 yuan per tonne.
Benchmark iron ore futures, however, recovered after range-bound trading in morning trade and jumped 3.2% to 822 yuan a tonne at close.
That had erased losses on Wednesday after the state planner issued the second warning this year amid price rally.
Spot prices of iron ore with 62% iron content for delivery to China fell $4 to $146.5 a tonne on Wednesday, according to SteelHome consultancy.
Steel prices on the Shanghai Futures Exchange closed higher.
Construction material rebar rose 1.5% to 4 955 yuan a tonne, and hot rolled coils, used in cars and home appliances, increased 0.7% to 5 069 yuan per tonnne.
Shanghai stainless steel futures, for March delivery, were up 1.4% to 18 385 yuan a tonne.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation