China allows imports of steel scrap

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    CHINA’S coke futures surged more than 3 percent on Monday buoyed by tight supply and robust demand, extending a rally that saw prices of the steelmaking ingredient posting uninterrupted monthly gains from May to December last year.

    The most-traded coke for May delivery on the Dalian Commodity Exchange DCJcv1 rose as much as 3.4 percent to a contract-high 2,900 yuan ($446.48) a ton.

    The continuing tight availability of coke in China coincides with the top steel producer’s strong appetite for the raw material, analysts at Sinosteel Futures wrote in a note.

    “The recent concentrated withdrawal of some coking capacity in Shanxi, Henan, and Hebei provinces has weakened coke supply,” they said. “The tightness of coke supply…has intensified.”