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Coal

Dalian coking coal, coal futures hit record highs on supply woes

BEIJING, Sept 2 (Reuters) - Chinese coking coal futures soared 8% to hit their daily upper limit and an all-time high on Thursday, fuelling a rally in coke prices too, as sluggish imports and production control at mines stoked supply concerns.

Mongolia reported most single-day COVID-19 cases on Sept. 1, indicating imports of coking coal from the country could remain cool this month, Galaxy Futures wrote in a note.

Meanwhile, China's National Mine Safety Administration here recently reiterated the importance of safety production at mines in the remainder of the year.

Some plants in the Shanxi province had raised coking coal prices, according to a Huatai Futures note, further widening backwardation between spot and futures markets.

The most-active coking coal futures on the Dalian Commodity Exchange, for January delivery, jumped 8% to 2,669 yuan ($412.99) per tonne.

Coke futures on the Dalian bourse also reached trading limit in morning session. They jumped 7.6% to 3,393 yuan a tonne as of 0330 GMT.

Benchmark iron ore futures inched up 0.3% to 781 yuan per tonne, recovering from plunge in previous session.

Spot prices of iron ore with 62% iron content for delivery to China SH-CCN-IRNOR62, compiled by SteelHome consultancy, dropped $11 to $147.5 a tonne on Wednesday.

Steel prices on the Shanghai Futures Exchange were mixed.

Construction rebar rose 1.1% to 5,322 yuan a tonne.

Hot rolled coils, used in cars and home appliances, increased 0.8% to 5,567 yuan per tonne.

Stainless steel futures, for October delivery, dipped 0.6% to 17,825 yuan a tonne.

$1 = 6.4627 Chinese yuan renminbi Reporting by Min Zhang and Dominique Patton; editing by Uttaresh.V

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