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Prices of coking coal futures tumbled by more than 3% to their lowest in more than one month, dragged by the prediction of rising supply from the biggest production hub in China. The most-traded September coking coal contract on China's Dalian Commodity Exchange (DCE) recouped some earlier losses and slipped 3.23% to 1,676 yuan a metric tonne, as of 0244 GMT, after touching its intraday low at 1,657 yuan a tonne, the lowest since April 12.
The coke contract fell 1.56%. "The expectation of rising supply from the Shanxi province pushed coking coal prices down," said Cheng Peng, a Beijing-based analyst at Sinosteel Futures. North China's Shanxi province, one of China's top coal producers, aims to churn out around 1.3 billion tonnes of coal in 2024, down 4% from 2023, with the output in the first quarter declining by 19% on the year to 271 million tonnes.
"Whether the market talk is true or not, we believe the output in the province will pick up in the coming quarters to achieve its annual target, as the first quarter is too low," said a Shanghai-brd coal analyst, requesting anonymity as he is not authorised to speak to media. A lack of cost support due to falling coal prices sent prices of finished steel lower, which in turn pressured iron ore prices, Sinosteel Cheng added.
The most-traded September iron ore contract on the DCE traded 0.29% lower at 869.5 yuan a tonne. The benchmark June iron ore on the Singapore Exchange was 1.41% lower at $115.25 a tonne. Prices in both benchmarks posted gains on Monday supported by the stimulus of bond issuance and a temporary supply disruption after a train derailed in West Australia.
Lower raw materials prices dragged down most steel benchmarks on the Shanghai Futures Exchange. Rebar lost 0.3%, hot-rolled coil fell 0.39%, and stainless steel shed 0.53%. Wire rod added 0.49%.
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