Latest Update in the China Coke Market

As of October 30, iron ore inventories across 35 ports tracked by SMM totaled 121.11 million mt, an increase of 3.61 million mt from the previous week and an increase of 4.32 million mt year-on-year. Port inventory has increased for the ninth consecutive week, and the increase has expanded.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on October 30, 2020

The purchasing managers index (PMI) for steel stood at 52.26 points in October, down 0.3 point from September but up 1.07 point on the year. The reading came in at 49.88 points after seasonal adjustments, up 0.71 point on the month and 1.37 points on the year.

The dollar held gains against a basket of major currencies on Thursday as escalating coronavirus cases in Europe stoked investor fears that fresh lockdowns would further hit the already fragile economic recovery.

DCE iron ore futures market slightly went down today and quotations in the physical port stock market turned to be relatively firm. PBF was concluded at 857-860yuan/mt in Tangshan market, up by 3-5yuan/mt over yesterday.

Inventories of hot-rolled coils of steel sheets used to produce home appliances and cars in China continued to shrink at a fast pace this week, as demand was robust in a peak season. 

China steel rebar inventories continued to fall sharply this week due to the release of the demand for rushing work since the fourth quarter.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on October 29, 2020