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China steel futures bounce back on falling inventory

Mon, 23rd Sep 2019 03:34

* Dalian iron ore edges up 0.4%

* Spot prices for benchmark 62% Fe at $93 a tonne

* China and U.S. had "constructive" trade talks inWashington

BEIJING, Sept 23 (Reuters) - China steel futures picked upon Monday, rebounding from a two-week low on falling inventoryand fuelled by tightening output curbs in smog-prone citiespledged by the environment regulator ahead of the heatingseason.

The most-active rebar contract on the Shanghai FuturesExchange, for January 2020 delivery, rose as much as2.1% to 3,458 yuan ($486.29) a tonne, fighting back from atwo-week low in last session.

Hot-rolled coil, for January delivery, alsorecovered after falling for five straight days. It gained 1.5%to 3,459 yuan a tonne as of 0215 GMT.

Steel products' stockpile in China dropped for the sixthweek to 11.4 million tonnes in the week ended Sept.20 on firmdemand outlook, data compiled by Mysteel consultancy showed.

The most actively trade iron ore futures contract on theDalian Commodity Exchange, for January 2020 delivery,edged up 0.54 to 635 yuan per tonne in morning trade.

BHP Group said on Monday it expects to meet allcustomer commitments on iron ore shipments, despite maintenanceat its Jimblebar and Newman mines in Western Australia, afterspeculation in China last week on supply concerns.

FUNDAMENTALS

* Prices for spot cargoes of benchmark iron ore with 62%iron content for delivery to China fell for thefourth day to $93 per tonne on Sept.20.

* China's Ministry of Ecology and Environment said lastFriday it will set stricter targets for cities with higherconcentrations of damaging particles last time around, butfirmly oppose "one-size-fits-all" strategy.

* China and the United States had "constructive" discussionson trade in Washington, the state news agency Xinhua said onSaturday.

* Other steelmaking ingredients were mixed, with Daliancoking coal down 0.7% at 1,292 yuan a tonne, while cokerose 0.7% to 1,958 yuan a tonne.

* For the top stories metals and other news, click TOP/MTLor MET/L

($1 = 7.1110 Chinese yuan renminbi)(Reporting by Min Zhang and Tom Daly; Editing by Rashmi Aich)

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