China’s iron ore surges more than 7%, other steelmaking commodities also rally

 

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China’s most-traded iron ore futures contract on the Dalian Commodity Exchange, for September delivery surges more than 7.5% to hit 723.5 yuan per tonne.

The September contract of coke surged more than 4% to hit 2,698 yuan per tonne at one point, and coking coal surged 5.2% to hit 1,998 yuan per tonne.

Steel futures are also rallying, with the October contract of hot-rolled coil on the Shanghai Futures Exchange gained as much as 2.3% to hit 3,885 yuan per tonne, before paring gains to 1.6% as of 1:08 pm local time. Steel rebar gained as much as 1.9% before narrowing gains to 0.9% to trade at 3,863 yuan per tonne.