BEIJING, July 20 (Reuters) - Futures for steelmaking
ingredients on China's Dalian Commodity Exchange rose on
Tuesday, with coking coal jumping more than 2% amid supply
The most-traded coking coal futures on the Dalian bourse
for September delivery rose as much as 2.2% to 2,079
yuan ($320.69) per tonne, the highest since May 13. They were up
2.1% as of 0330 GMT.
Coke futures advanced 1.3% to 2,702 yuan per tonne.
"Capacity utilisation rates of coking firms are rising, but
haven't recovered to the level before the output controls and
are lower than the same period in previous years," analysts with
SinoSteel Futures wrote in a note.
China's coke output in June fell 3.2% to 38.91 million
tonnes compared with the same month in 2020, data from the
statistics bureau showed.
Benchmark iron ore futures on the Dalian exchange
inched up 0.6% at 1,237 yuan per tonne.
"Despite the current supply tightness in iron ore,
particularly from Australia, we calculate prices are still
fundamentally over-valued compared with the highest cost
marginal producer on the cost curve," said Atilla Widnell,
managing director at Navigate Commodities in Singapore.
Spot prices of iron ore with 62% iron content for delivery
to China <SH-CCN-IRNOR62> dipped 50 cents to $222.5 per tonne on
Monday, according to SteelHome consultancy.
* Steel rebar on the Shanghai Futures Exchange for
October delivery slipped 0.4% to 5,591 yuan per tonne.
* Hot rolled coils futures fell 0.7% to 5,959 yuan
* Shanghai stainless steel futures for August
delivery dropped 1.9% to 18,445 yuan per tonne.
* BHP Group Ltd on Tuesday reported full-year iron
ore production near the top end of its forecast range, but a 4%
drop in its fourth-quarter output.
* Brazilian miner Vale SA said it had produced
75.87 million tonnes of iron ore in the second quarter, up 1.3%
from the previous quarter.
($1 = 6.4828 Chinese yuan renminbi)
(Reporting by Min Zhang and Shivani Singh; editing by Vinay