On Tuesday, November 22, coke prices (main contract J1701) at Dalian Commodity Exchange (DCE) opened the day at RMB 2,027/mt and closed at RMB 2,184/mt, which was up 9.01 percent compared to the previous day’s settlement price of RMB 2,004/mt. Also at DCE, iron ore futures prices (main contract I1701) opened at RMB 553/mt and closed at RMB 581/mt, up 6.02 percent, hitting the maximum increase limit compared to the previous day’s settlement price of RMB 548/mt.
Meanwhile, on November 22, rebar futures prices (main contract RB1701) at Shanghai Futures Exchange (SHFE) opened at RMB 2,726/mt and closed at RMB 2,900/mt, increasing by 5.99 percent from the settlement price of RMB 2,736/mt on November 21. Hot rolled coil (HRC) futures prices (main contract HC1701) at SHFE opened the day at RMB 3,151/mt and closed at RMB 3,342/mt, up 5.99 percent, also reaching the maximum limit compared to the previous day’s settlement price of RMB 3,153/mt.
Coking coal prices (main contract JM1701) at Dalian Commodity Exchange (DCE) opened on November 22 at RMB 1,485/mt and closed at RMB 1,599/mt, up 8.41 percent from the previous day’s settlement price of RMB 1,475/mt. Thermal coal prices (main contract ZC701) at Zhengzhou Commodity Exchange (ZCE) opened at RMB 607.6/mt and closed at RMB 616.8/mt, up 1.85 percent from the settlement price of RMB 605.6/mt on November 21.
Following the downward corrections on previous days, on November 22 ferrous metal futures prices in China indicated an overall sharp rising movement. Market analysts state that the rebound in ferrous metal futures prices was mainly due to speculative funds instead of being due to an improvement in fundamentals.