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China AM: Futures mixed after Shougang puts merger rumour to rest
Release Time:2016-08-11 Author:News Department Traffic:1776

China s ferrous futures were mixed during morning trading on Thursday September 29, with drops registered for hot rolled coil, and gains for rebar, iron ore and coking coal.

 

Futures closing prices – morning session 
Shanghai Futures Exchange 
January rebar: 2,322 yuan ($348), up 5 yuan ($0.80) 
January hot rolled coil: 2,626 yuan ($394), down 3 yuan ($0.50)

Dalian Commodity Exchange 
January iron ore: 422.50 yuan ($63), up 4.50 yuan ($0.70) 
January coking coal: 1,010.50 yuan ($151), up 2 yuan ($0.30) 

Billet 
Tangshan billet price: 2,100 yuan ($315) per tonne, unchanged from Wednesday afternoon.

Iron ore 
BHP Billiton was heard to have sold 90,000 tonnes of 63% Fe Newman lumps, laycan October 16-25, against the Platts 62% Fe index plus a lump premium of $0.17 per dry metric tonne unit via a private tender on Wednesday.

Key market news 
Shougang has terminated its plans and preparations for a "significant event", which may have had involved merger-and-acquisition activities. The announcement puts to rest speculation that emerged in early August about Shougang and Hesteel (formerly known as Hebei Iron & Steel) working towards a merger that would culminate in a new group dubbed "China Northern Steel".

China s domestic stainless steel prices increased over the past week, on costlier ferro-chrome due to a supply shortage. Benchmark 304 stainless cold rolled coil was being traded at 13,100-13,150 yuan ($1,964-1,971) per tonne including VAT in the major market of Wuxi on Thursday, up 50-100 yuan ($7.50-15) per tonne from a week ago.

Member mills of the China Iron & Steel Assn (Cisa) produced crude steel at an average rate of 1.7742 million tpd during the second ten days of this month, up a marginal 0.87% from a rate of 1.7589 million tpd over the first ten days of this month, according to data released by the industry body on Thursday.


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