BEIJING, June 18 (Reuters) - Chinese coking coal futures
pulled back from early gains and logged the first weekly losses
in a month after Beijing said it would look into coal prices and
crack down on speculations.
China's state planner said on Friday afternoon that it had
jointly launched an investigation into coal prices with the
market regulator and will crack down on speculation and
The most-traded coking coal futures on the Dalian Commodity
Exchange, for September delivery, jumped 4.3% in
morning session to over a month high and closed down 1.4% to
1,955 yuan ($303.48) a tonne. The contract fell 1.4% for the
Other steelmaking ingredients also ended lower.
Benchmark iron ore futures dipped 0.2% to 1,203
yuan a tonne.
Coke futures on the Dalian bourse fell 0.9% to
2,694 yuan per tonne.
Steel prices on the Shanghai Futures Exchange, however, were
traded higher, although data from Mysteel consultancy showed
that apparent demand for steel products fell 4.8% as of June.17
from the week earlier.
"Despite historical tendencies for steel prices to cool in
June when construction activity usually slows in China, prices
have continued to rise due to investor speculation of a supply
crunch on the back of government efforts to lower steel
production," Fitch Solutions wrote in a note, adding that they
are not expecting output to slow down this year.
Construction steel rebar, for October delivery,
edged up 0.2% to 5,061 yuan a tonne.
Hot rolled coils were up 0.7% to 5,347 yuan per
Shanghai stainless steel, for July delivery, rose
0.4% to 16,155 yuan per tonne.
($1 = 6.4419 Chinese yuan renminbi)
(Reporting by Min Zhang and Dominique Patton; Editing by