Chinese commodity futures surged on Tuesday, October 25. The increases in the futures markets led by iron ore and coking coal have been reflected in steel prices.
Today, October 25, iron ore contract prices for January delivery on the Dalian Commodity Exchange increased by six percent to RMB 471.5/mt ($70/mt), the highest level since late August. Meanwhile, the coking coal futures price on the Dalian Commodity Exchange for January delivery rose by seven percent on the same date, reaching RMB 1,680/mt ($248/mt).
Accordingly, prices of ex-Australia iron ore of 62 percent Fe content for delivery to China’s Qingdao port saw an increase of $2.5/mt on Tuesday, October 25.
$1 = RMB 6.78