By Enrico Dela Cruz
(Reuters) – Iron ore futures remained in tight trading on Thursday, with traders cautious following the Dalian Commodity Exchange’s (DCE) decision to curb the speculative activity that has driven prices soaring recently.
The most active May DCE contract fell 0.5% to RMB 908.50 ($131.90) a tonne. On the Singapore Exchange, the March steel ingredient benchmark contract rose 0.5% to $130.70 a tonne.
Analysts at commodity brokerage Marex said Chinese regulators could take further steps to control prices.
Metallurgical coal futures in Dalian hit an eight-month high on Thursday as the collapse of a large-scale coal mine in north China’s Inner Mongolia region prompted safety checks, stoking tightening fears. in the offer.
Chinese leaders sought a swift investigation into the cause of the collapse that killed four people and injured six others, with 49 missing.
The most traded coking coal on the DCE ended day trading up 2.6% at RMB 2,020.50 ($293.35) a tonne after hitting 2,085 RMB, the highest since mid-June.
China is the world’s biggest steel maker, and Inner Mongolia is among its top coal suppliers. The region has been producing the commodity at an accelerated pace for months, in response to a government appeal to increase local supply and stabilize prices.
Authorities in Inner Mongolia and the Shanxi and Shaanxi regions have ordered coal miners to conduct safety checks immediately and local authorities to carry out inspections.
(By Enrico Dela Cruz in Manila)
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