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UPDATE 1-Chine steel futures rise, pulling iron ore, coal higher
November 30, 2017 / 7:48 AM / 13 days ago

UPDATE 1-Chine steel futures rise, pulling iron ore, coal higher

(Updates prices)

By James Regan

SYDNEY, Nov 30 (Reuters) - Chinese steel futures jumped for a fourth straight session on Thursday to their highest since mid-September amid falling inventories, sweeping raw materials futures higher.

Stocks of rebar, a construction steel product, among Chinese traders reached 3.35 million tonnes on Nov. 24, the lowest since at least 2011, according to data tracked by SteelHome consultancy. SH-TOT-RBARINV

The most-active May rebar contract on the Shanghai Futures Exchange settled 2.3 percent higher at 3,990 yuan ($603.66) a tonne.

Iron ore for May delivery on the Dalian Commodity Exchange rose nearly 3 percent to 520 yuan per tonne.

Dalian coking coal followed steel and iron ore higher, gaining 2.9 percent, its strongest showing since Sept. 15.

While Chinese traders have been active in recent weeks, Indian steel mills have now emerged as keen buyers as inventories hit low levels, according to ANZ Bank.

“The tightness in the seaborne market continues to be driven by production issues in Australia, however, demand in China has also been strong,” it said.

Coke closed up just under 4 percent at 2,154 yuan a tonne. ($1 = 6.6097 Chinese yuan renminbi) (Reporting by James Regan; Editing by Amrutha Gayathri and Gopakumar Warrier)

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