BEIJING- Prices for steelmaking raw materials on China’s Dalian Commodity Exchange jumped on Wednesday to catch up with a strong spot market trend.
The most-traded iron ore futures on the Dalian bourse, for September delivery, surged as much as 4.8 percent to 1,192 yuan ($186.80) per ton during morning session. They were up 3 percent at 1,171 yuan a ton.
Spot prices of iron ore with 62 percent iron content for delivery to China gained $6 to $206.5 a ton on Tuesday, according to SteelHome consultancy.
Coking coal futures on the Dalian exchange rose 3.9 percent to 1,865 yuan a ton and coke increased 2.8 percent to 2,593 yuan a ton.
“In the short term, market is still trading on hopes of easing production curbs for steel products,” analysts with Huatai Futures wrote in a note.
Authorities in the steel hub Tangshan discussed relaxing production cuts at some mills, local media reported earlier this week. — Reuters
