April 2012 | Steel Raw Materials
Coke prices are trending down, but support for prices is likely to remain in the long run: Coke and Coking Coal Highlights
A steel production rise in China results in more imported volumes of raw materials.
Coke prices were rangebound last week, with little price movements seen. Five-month contracts (those for delivery in September) were the most traded and have trended downwards since mid-March. With the open interest on the Dalian Futures Exchange (DFE) rising sharply last week, there is a clear negative opinion in the market for coke. Prices can count on some support from coking coal prices, and is in turn expected to stay stable in the coming weeks. Spot market transactions were completed, suggesting that traders and mills are unwilling to tie themselves into longer contracts with the market in an uncertain predicament at present. There is demand for material in the market. Prices of grade II coke in northern China stand at Rmb1,750-1,800/tonne ($278-285/tonne), unchanged from a week ago,...
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