On Wednesday, November 23, coke prices (main contract J1701) at Dalian Commodity Exchange (DCE) opened the day at RMB 2,182/mt and closing at RMB 2,160/mt, which was up 2.32 percent compared to the previous day’s settlement price of RMB 2,111/mt. Also at DCE, iron ore futures prices (main contract I1701) opened at RMB 598/mt and closed at RMB 617/mt, up 9.01 percent, hitting the maximum increase limit compared to the previous day’s settlement price of RMB 566/mt.
Meanwhile, on November 23, rebar futures prices (main contract RB1701) at Shanghai Futures Exchange (SHFE) opened at RMB 2,897/mt and closed at RMB 2,954/mt, increasing by 4.53 percent from the settlement price of RMB 2,826/mt on November 22. Hot rolled coil (HRC) futures prices (main contract HC1701) at SHFE opened the day at RMB 3,353/mt and closed at RMB 3,424/mt, rising by 4.87 percent compared to the previous day’s settlement price of RMB 3,265/mt.
Coking coal prices (main contract JM1701) at Dalian Commodity Exchange (DCE) opened on November 23 at RMB 1,552/mt and closed at RMB 1,566/mt, up 0.80 percent from the previous day’s settlement price of RMB 1,554/mt.
Following the sharp rises recorded on November 22, ferrous metal futures prices in China have indicated further upward movement on November 23. Goldman Sachs has made an upward revision to its iron ore price forecast for 2017, which may have positively impacted the futures market.