China AM: Steel futures bounce back after weekend

China’s steel futures started the week on a positive note after experiencing losses ahead of the weekend, posting gains along with the contracts for steelmaking raw materials during morning trading on Monday November 20.

Futures closing prices – morning session

Shanghai Futures Exchange

May rebar: 3,685 ($556) per tonne, up 28 yuan per tonne

May hot-rolled coil: 3,786 yuan per tonne, up 22 yuan per tonne

Dalian Commodity Exchange

January iron ore: 470 yuan per tonne, up 7.50 yuan per tonne

January coking coal: 1,205 yuan per tonne, up 7 yuan per tonne

January coke: 1,891 yuan per tonne, up 45.50 yuan per tonne

Raw materials

Metal Bulletin’s 62% Fe Iron Ore Index rose $1.04 per tonne to $62.61 per tonne cfr China last Friday.

Its fob Australia premium hard coking coal index increased $2.19 per tonne to $188.56 per tonne.

The following were obtained from market sources:

Rio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, laycan December 24-January 2 (closes at 3pm Beijing time).

Vale, tender, 120,000 tonnes of Sinter Feed Low Alumina, bill of lading dated October 22 (closes at 4pm).

Key market news

China’s biggest ferrous scrap consumer Shagang is raising its purchase prices for the steelmaking raw material by 150 yuan per tonne from Monday onward, in an effort to stock up for the winter, sources said. It is now paying 2,130 yuan per tonne for heavy scrap of no less than 6mm in thickness delivered to its facility, the highest since September 2014.

Metal Bulletin’s fob China Rebar Index was at $531.67 per tonne last Friday, down $1.46 per tonne from $533.13 per tonne a day earlier.

Metal Bulletin’s fob China HRC Index dropped $6.32 per tonne to $544.68 per tonne on the same day.

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