BEIJING: Chinese coke futures jumped more than 5% to their highest in over two weeks on Thursday, on expectations of tight supplies and resilient demand from mills.
“The market is paying increasing attention to annual coke production target in Shandong province as central environmental inspection team will audit there in end-June,” analysts with SinoSteel Futures said in a note.
The market expects coke output in Shandong to be below 32 million tonnes this year, according to the SinoSteel Futures notes. The province had produced 11.14 million tonnes of the raw material in the first four months. Benchmark iron ore futures jumped 3.3% to 1,211 yuan a tonne, while spot 62% iron ore remained unchanged at $206.5 a tonne on Wednesday, according to SteelHome consultancy.
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