Steel Authority of India to increase coking coal imports by over 60%

On February 27, US, the European Union, Britain, and Canada issued a joint statement announcing the latest sanctions against Russia, prohibiting Russia from using the "Society for Worldwide Interbank Financial Telecommunication" payment system (SWIFT). SWIFT is the safest, most convenient and most important cross-border payment system in the world, with about 11,000 members, including nearly 300 Russian banks.

According to data from the National Bureau of Statistics (NBS), among the 50 important means of production in 9 categories in the national circulation field, the market prices of 16 kinds of products rose in late November 2021 compared with mid-November, the prices of 29 kinds declined, and those of five kinds remained flat.

Some coking plants resumed production to some extent as the dual control has been loosened and the overall operating rates of coke oven rose slightly. The transportation of coke has been restricted by snowstorms in north China, resulting an increase in the inventory at plants. 

Due to the environmental protection regulation, the production restrictions are tightening for some companies in Shanxi. Some coking companies in Fenyang city have been required to shut down some 4.3-metre coke ovens before November 10, which involve a production capacity of 3.2 million mt.

China imported 4.02 million mt of coking coal in March, down 37.4% year on year, according to data from China’s Customs.

Ferrous metals mostly opened lower on October 30 and moved at lows for the whole day, closing with losses across the board.

Ferrous metals mostly closed higher on October 12. SHFE rebar rose nearly 3%, and SHFE hot-rolled coil and coking coal increased nearly 4%. DCE iron ore and coke closed slightly higher.

Ferrous metals prices extend Losses.

Ferrous metals futures rebounded across the board in the morning session.

Rio Tinto’s copper output at its copper mines slid 37% year-on-year to 84,200 tonnes in the first quarter of 2017 as a result of strike at Chile’s Escondida copper mine and output cut at Grasberg mine