China AM: Futures tumble after early gains again

China’s ferrous futures plunged in the last 20 minutes of morning trading on Wednesday October 25, erasing the gains made earlier – similar to the movement on Tuesday morning.

Futures closing prices – morning session
Shanghai Futures Exchange
January rebar: 3,705 yuan ($558), down 33 yuan
January hot rolled coil: 4,036 yuan, down 47 yuan
Dalian Commodity Exchange
January iron ore: 457 yuan, down 3.50 yuan
January coking coal: 1,086 yuan, down 6.50 yuan
January coke: 1,688 yuan, down 2.50 yuan
Raw materials
North China’s Hesteel has lowered it purchase price for metallurgical coke by another 100 yuan per tonne, effective from Tuesday. It is now paying 2,200 yuan per tonne for materials with 65% coke strength after reaction (CSR) delivered to its facilities. This is its third decrease this month; they now total 220-270 yuan per tonne.

East China’s Rizhao Iron & Steel will pay 100 yuan per tonne lower...


July Zhang

October 25, 2017

07:45 GMT