By Sushim Banerjee| 2017-06-06 14:21:26

Global steel industry is shaping up comparatively better than what it was at the beginning of the year.The capacity utilisation of the global steel industry that dipped to as low as 64.9% in December 2015 has since moved to a respectable 73.6% in April 2017.Global steel industry is shaping up comparatively better than what it was at the beginning of the year. The first four months saw the crude steel production at 550.8 MT, growing at 5.2% over last year with China, US, Germany and India exhibiting positive rise during the first four months.The capacity utilisation of the global steel industry that dipped to as low as 64.9% in December 2015 has since moved to a respectable 73.6% in April 2017.The PMI for May 2017 for all the major countries is better in the expansion mode as compared to April. The outlook of order position by the business community is better as gathered by the survey. The current growth in industrial production (6.5% in China, 2.2% in USA, 1.8% in Germany and 2.4% in Russia) signals a positive boost for steel production. It is good news that spending on infrastructure in the form of replacement of old bridges and other structures, new rail lines and roads, setting up of new mega and mini cities (new city in China), new ports and oil/gas pipelines would contribute significantly to demand for steel.Further, the automobile sector, among other manufacturing segments, having an average 25% of steel consumption in the EU, the US and Japan is looking up, buoyed by lower gasoline prices, rising household income, better road network and competitive prices.The raw material scenario is much less volatile as the prices of both iron ore and coking coal have come down from a hefty rise a few months earlier although for different reasons and are being settled at market determined rates of $55-60/t cfr China and $150-155/t fob Australia. It has been projected that raw material prices are definitely coming down further in the coming months as demand for steel from China is likely to fall.The financial results of the major global players like ArcelorMittal, Baosteel, Posco, Nippon and Mitsubishi, Severstal in first quarter of 2017 indicate a better financial recovery compared to what they have seen in the immediate past period. Apart from drop in raw material costs, a period of higher realisation on HRC, Plates and Re Bar has helped the producers to improve their bottom line. It may be noted that export price of Chinese HRC (SS 400) fob Tianjin port ruling at $477/tonne in December 2016 is currently ruling at $434/tonne. The Turkish export price of Re Bar ruling at $427/tonne fob in December 2016 has moved up to $430/tonne.WSD estimates that world median cost curve for HRC (including overhead) have moved up from $410/tonne in December 2016 to $483/tonne in June 2017.Another indicator of reversal of the declining fortune for global steel industry is provided by the domestic price trend of major products. For instance, HRC domestic prices in North Europe that was ruling at $574/tonne in December 2016 currently stands at $566/tonne, the same category in US domestic market has risen from $628/tonne to $650/tonne in the same period, while Turkish export prices of Re Bar has gone up from $427/tonne in December 2016 to $430/tonne in June 2017. The domestic prices of HRC in Brazil have moved up from $639/tonne in December 2016 to $642/tonne in June 2017. Rising or marginally downward trend in prices in manufacturing sector over a period of 6 months signifies higher levels of activities and is a strong driver of increasing income and more job opportunities in the country.The banks and other financial institutions of the various countries who are prominent steel producers are also relieved on the better repayment prospects of the stressed loans provided to the sector and are likely to turn positive on the fresh credits required by the sector. China is eliminating surplus, inefficient and polluting steel capacities and targets more than 50 MT closure of induction furnace based steel capacity in the current year which would prompt the Chinese producers not to undertake cut in export offers and thereby prevent further downward trend in steel prices. The spate of anti dumping and CVD imposition of duties on cheap and dumped Chinese steel would be a big deterrent against any move by China to cut down prices.In an overall analysis unless the violent political events disrupt the gradually improving global manufacturing scenario, the current year is to bring cheers to all the industrial players in the country.Source: Financial Express

By David Stanway| 2017-06-06 00:00:00

FILE PHOTO: A Chinese miner works at a coal mine in the suburb of Tangshan, China's Hebei province December 9, 2005. REUTERS/Jason Lee/File PhotoThe major Chinese steel city of Tangshan has launched a fresh crackdown on mills that illegally restart production or violate industry overcapacity rules, according to a notice published by the China Iron and Steel Association on Monday.Tangshan, in Hebei province, produced 88.3 million tonnes of steel last year, up 6.8 percent on the year and more than the entire United States, putting it on the front line of the central government's efforts to curb overcapacity in the sector. It aims to close around 8.6 million tonnes of annual production capacity this year.But the city was the subject of a central government investigation earlier this year amid concerns that firms continued to raise steel output despite mandatory capacity cuts.New guidelines drawn up by the Tangshan planning commission promise to put grassroots government departments under greater pressure to comply with anti-pollution and overcapacity guidelines, and identified the names of officials tasked with ensuring that shuttered plants do not reopen, power and water supplies are cut off and equipment dismantled.The guidelines also cover illegal new capacity expansions in the steel, cement and coking coal sectors, as well as the closure of coal mines in the province.Hebei aims to cut major emissions by more than 15 percent by 2020 and will step up efforts to force local industries to meet their pollution targets for 2017, the official Xinhua news agency reported, citing a local government plan published on Sunday.The province, which surrounds China's capital Beijing, is already under heavy political pressure to bring concentrations of small, breathable particles known as PM2.5 down by 25 percent over the 2013-2017 period, and it admitted last month that it was still not properly enforcing state pollution standards and policies.Average PM2.5 in Beijing-Tianjin-Hebei rose nearly 20 percent year-on-year in the first four months of 2017, and the region is expected to introduce tough new restrictions on industry in the second half of the year to ensure its 2017 targets are met.Hebei also said it would establish a fully integrated environmental information platform by the end of this year enabling it to keep track of and punish offenders.(Reporting by David Stanway; Editing by Joseph Radford)Source: Reuters

By Yawen Chen and Ryan Woo| 2017-06-01 10:40:14

China's manufacturing and services sectors expanded at a solid pace in May thanks to robust construction and infrastructure investment, welcome news for authorities trying to strike a balance between maintaining stable economic growth and defusing debt risks.The official manufacturing Purchasing Managers' Index (PMI) was at 51.2 in May, unchanged from April, a monthly survey by the National Bureau of Statistics showed on Wednesday. Analysts polled by Reuters had predicted a reading of 51.0.The survey results suggest authorities were having some success in stabilizing the broader economy without risking a sharper slowdown in growth as they try to defuse bubble risks from years of credit-fueled stimulus.On the whole, "China's economy is changing into a trend of stabilization from a momentary spike and drop," Zhang Liqun, an analyst with the China Logisticas Information Centre, said in a statement.Most analysts agree that momentum in China will slow after strong first quarter growth of 6.9 percent, as Beijing's crackdown on its financial sector is expected to take a toll on corporates' financing costs.So far the slowdown has been benign, however, with some key sectors such as construction activity holding up well.The statistics bureau said construction remained robust despite slowing a notch from the previous month, as infrastructure investment speeded up, boosting demand for steel.Indeed, activity in the steel industry expanded the most in a year in May, supported by higher new orders, a separate industry survey showed, suggesting still-solid demand in construction.Growth in the services sector also accelerated to 54.5 as commercial services such as retail and railway transportation expanded on rising demand.New orders for China's manufacturers kept pace with April at 52.3, with export orders firming a touch by 0.1 percentage point to 50.7, suggesting external demand held up.Production stayed well within expansionary territory, though growth eased to 53.4 compared to last month's 53.8.GROWTH RISKSThe government has set a more modest growth target of around 6.5 percent for 2017, after achieving a slightly higher 6.7 percent target in 2016.The crackdown on financial risks, however, is seen pushing borrowing costs up and dragging on growth.ANZ analysts estimate the average lending rate has edged up by around 30 basis points in the past few months."We suspect that the current stability of growth will prove temporary," said Julian Evans-Pritchard, a Singapore-based China economist at Capital Economics."With the regulatory crackdown on financial risks still weighing on credit growth, it will be difficult to avoid a further slowdown in the coming months."There are also doubts about whether other sectors of the economy will be able to pick up the slack if the property market slows as persistent curbs gradually take the heat out of the market.Those worries were inflamed last week when Moody's Investors Service downgraded China's credit ratings for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.China's growth impulse is also being challenged by a slowing trend in producer price inflation. Official data showed on Saturday profits earned by Chinese industrial firms slowed to its weakest in four months in April.The input price sub-index dropped to 49.5 in May, according to the statistics bureau's May PMI survey, after easing to 51.8 in April, as the tailwind from a commodities boom weakens.Output prices also slipped to 47.6 from April's 48.7.China's biggest steelmaker, Baoshan Iron & Steel (600019.SS), for instance, cut its main steel product prices for May and June after a long series of increases.Property sales growth also slipped in April and a strong rebound in commodity prices appears to have peaked, pointing to a continued slowdown in the industrial sector.On whole, however, analysts don't expect economic growth to slow sharply this year, noting the government is keen to maintain stable economic and financial conditions heading into a key political leadership reshuffle later in the year."In the months leading up to the 19th Party Congress in November, stability will remain the top priority for Chinese policymakers," said ANZ's chief China economist Raymond Yeung.(Reporting by Yawen Chen and Ryan Woo; Editing by Shri Navaratnam)Source: Reuters

By Xinhua| 2017-05-26 10:50:25

The United States should give China fair treatment in export and investment issues, the Ministry of Commerce (MOC) said Thursday.The United States has exercised strict control over high-tech exports to China while criticizing China for encouraging independent innovation, which is an apparent paradox, according to a research report on Sino-U.S. economic and trade relations released Thursday by the MOC.The U.S. export control is based on the Cold War mentality, ignoring the rapid development of bilateral ties and not fitting into its future development, the report pointed out.China hopes that the United States will take concrete actions in easing the export control and effectively loosen the restrictions on products exported to civilian users for civil purposes, which will also help reduce the U.S. trade deficit, the report added.Meanwhile, with surging Chinese investment in the United States, the cases receiving security review regarding foreign mergers and acquisitions by the Committee on Foreign Investment in the United States (CFIUS) have also increased rapidly.Unfair requirements such as the mitigation agreement and prejudice against the Chinese state-owned enterprises (SOEs) have seriously hindered Chinese enterprises wanting to invest in the United States, according to the report.China hopes that the U.S. government can give equal treatment to Chinese investors in the national security review of mergers and acquisitions, and that the Chinese SOEs can receive fair treatment, the report added.The MOC also said the United States should refrain from abusing trade remedy measures against Chinese products, citing an example in U.S. trade remedy investigations against China's iron and steel products.The United States' moves to pressure China over steel excess capacity while taking trade remedy measures have sent a strong signal for protecting its domestic industry, the report added.Source: Xinhua

By DAVID SCUTT| 2017-05-23 11:21:37

Iron ore spot markets made it four gains in the past five sessions on Monday, hitting a more than two-week high in the process.The price for benchmark 62% fines rose by a further 0.8% to $63.19 a tonne, according to pricing from Metal Bulletin, extending its gain from May 8 to over 5%.Despite concern surrounding inventories of lower grade ores held at Chinese ports, the price for 58% fines actually outperformed the benchmark, rising 1.45% to $42.55 a tonne.Continuing a familiar pattern, Metal Bulletin said that strength in iron ore coincided with further price gains in Chinese steel markets."China’s spot rebar market surged on Monday after a major producer announced higher ex-works prices,” it said. “Shagang, a major long steel producer in east China, raised the ex-works prices for its late-May delivery rebar by 300 yuan per tonne.”The group said that further solid gains in rebar futures on the Shanghai Futures Exchange “provided an additional driver for the spot rebar market”.Last week, Vivek Dhar, mining and energy analyst at the Commonwealth Bank, said that a combination of lower-than-normal steel inventories in China and higher steel mill margins could act to support iron ore prices in the near-term."Chinese steel rebar stockpiles are now nearly 30% below the historic average. Together with a rebound in steel mill margins, there is a real chance that iron ore prices could rebound in the short term,” he said.There’s low inventory levels and profitability is high, in other words, something that could help boost steel production and with it iron ore demand.Dhar recommended that investors should watch for a pick-up in steel output rates in China to confirm stronger iron ore demand.Providing no clear indication as to whether the strength in steel and iron ore prices will continue on Tuesday, the moves in Chinese commodity futures were limited in overnight trade.The September 2017 iron ore future on the Dalian Commodities Exchange rose 0.2% to 495.5 yuan, finishing fractionally above Monday’s day session close of 494 yuan.It was a similar story for rebar futures which added 0.46% to 3,340 yuan, again finishing around the same levels seen for Monday’s day session close.Source: www.businessinsider.com.au

By Manolo Serapio Jr| 2017-05-22 13:15:55

Chinese steel futures jumped nearly 6 percent on Monday to their highest since March, stretching last week's gains on concerns over limited supply as Beijing keeps up a campaign to clamp down on polluting producers.Tangshan city in Hebei province, China's biggest steelmaking region, earlier this month kicked off efforts to suspend and fine mills that fail to meet emission standards.The campaign began on May 9 and will run through the end of the month.Prices of billet, a semi-finished steel product, picked up steam last week as independent rolling mills who make these into finished products such as rebar, snapped up billet and the price increase spread to other steel products."I think some of the rolling mills have brought forward their purchases thinking supply may be at risk," said Richard Lu, analyst at CRU consultancy in Beijing.The most-active rebar on the Shanghai Futures Exchange climbed as much as 5.7 percent to 3,366 yuan ($489) per ton, the highest since March 20. The construction steel product was up 5.3 percent at 3,355 yuan by 0228 GMT.But Lu said he was skeptical that price gains would be sustained unless demand strengthens."We don't think these environmental inspections will have significant impact unless the government can give a very clear order on production cuts and not just controlling emission levels.""I believe a lot of these plants have already installed the necessary facilities to limit pollution," said Lu.As steel prices picked up pace, so did raw material iron ore.The most-traded iron ore on the Dalian Commodity Exchange rose as far as 501 yuan a ton, its highest since May 4, and was last up 4.4 percent at 495 yuan.Iron ore for delivery to China's Qingdao port rose 1.8 percent to $62.69 a ton on Friday, its strongest level since May 4, according to Metal Bulletin.The spot benchmark climbed 2.1 percent last week, its second such increase in nine weeks.(Reporting by Manolo Serapio Jr.; Editing by Amrutha Gayathri)Source: Reuters

By Manolo Serapio Jr| 2017-05-19 10:22:49

Iron ore futures in China jumped nearly 5 percent on Wednesday, tracking a similar spike in steel prices, with declining steel inventories indicating firm demand as Beijing sustains a campaign to curb excess supply.The most-traded iron ore contract on the Dalian Commodity Exchange closed up 4.6 percent at 477.50 yuan ($69) a tonne, recovering further from Monday’s four-month low.Rebar on the Shanghai Futures Exchange rose 4.3 percent to end at 3,110 yuan per tonne, its biggest single-day increase since Jan. 10.Inventory of steel products held by Chinese traders had fallen 17 percent this year to 11.2 million tonnes as of May 12, said Argonaut Securities analyst Helen Lau."Therefore, the underlying real steel demand remains healthy,” Lau wrote in a note.Along with China’s efforts to tackle a glut, analysts said demand was expected to improve, especially for long steel products for construction.China said on Monday that 31.7 million tonnes of steel capacity had closed so far this year, 63 percent of the target for 2017. That comes on top of Beijing’s earlier pledge to shut all producers of low-quality steel products by the end of June as it fights pollution.Still, China produced a record 72.78 million tonnes of crude steel in April.Iron ore for delivery to China’s Qingdao port .IO62-CNO=MB rose 0.6 percent to $61.17 a tonne on Tuesday, according to Metal Bulletin.Meanwhile, Hong Kong-listed IRC Ltd said it was considering restarting its 1.1-million tonnes per year iron ore mine in the far east of Russia, the latest sign of revival in a sector shaking a years-long downturn.Source: Reuters (Reporting by Manolo Serapio Jr.; Editing by Miral Fahmy and Joseph Radford)

By The National Hardware Show®| 2017-05-17 10:19:58

The National Hardware Show® got off to a strong start on May 8th, as thousands of attendees gathered at the Las Vegas Convention Center for one of the largest events in the home improvement industry.The Green Valley High School marching band kicked off the opening ceremony with a spirited performance as several leaders took to the stage in the North American Retail Hardware Association (NRHA) Village to welcome everyone to the Show."The National Hardware Show is full of innovation, imagination and networking opportunities,” says Rich Russo, vice president of the National Hardware Show. “Our theme this year is ‘Reimagine Retail,’ and we are so excited to open the doors and let you explore all that’s inside.”Retailers were looking forward to their first day at the Show and all that it had to offer."I came last year, so I knew what to expect this year, but still, it’s a really big and exciting show,” says April Rembert of Jared’s Ace Hardware in Bishopville, South Carolina. “I like going to Inventors Spotlight and the Tailgate, Backyard & BBQ. Overall, it’s just a fun time. I also enjoy spending time at the NRHA All-Industry Conference to learn from all of the great speakers they bring in for this event.”Specialty AreasThere are a variety of featured areas to visit across the Show floor and throughout the convention center, including:Featured Product GalleryThe Featured Product Gallery, located in room N245, includes New Product World, Emergency Preparedness & Disaster Recovery Product Display, Energy Efficient Product Display, the Homewares Awards and Lawn, Garden & Outdoor Living Awards Product Displays.Emergency Preparedness & Disaster Recovery, a newer featured to the Show showcases the latest products for attendees to stock at their businesses to ensure they—and their customers—have everything they need for any sort of emergency situation.One exhibitor in this area was Nextorch, offering a selection of flashlights and other emergency products."The National Hardware Show is a great way for us to make a connection with the home improvement channel,” says Michael McCrory, president of Nextorch USA. “Retail in the United States is very challenging right now, but this channel is a viable one. And with the combination of products we offer, including tools, lighting and knives, we think we can make a very good partner within the industry.”Consumers also continue to look for products that use less energy and are more environmentally friendly. Several vendors throughout the Show floor were showing off these types of products. One of these exhibitors, Lifan Power USA, produces small gasoline engines."We’re introducing new products, meeting new customers and getting a chance to visit with current ones,” says Larry Cotten, CEO of Lifan Power USA. “We do business in the United States and Canada, and some throughout South America. We often see those contact once a year—here at the Show.”New Product LaunchAt New Product Launch in the Central Lobby, attendees can find new products that haven’t even hit the market yet—with no pre-negotiations, pre-sales or exclusives. And these products represent a variety of categories across the industry.One product is the Snapatite, which is a plastic multiuse utensil that includes a spoon, fork, knife and bottle opener. Because it’s plastic, it’s even approved to be taken on a plane, says Sonal M. Patel of Sona Enterprises, the company that created the product."We’ve priced the Snapatite in a way that it’s almost the price of something disposable, but it’s more than that,” Patel says. “We encourage people to stop by during the Show to see how it works.”Inventors SpotlightInventors Spotlight features products that may not yet on the market but could be “the next big thing” in the home improvement industry. Inventors also have the opportunity to meet with buyers and potential investors.One exhibitor in this area was Monkey Rung, a ladder accessory tool that company president Lawrence Ayala called “the tool that holds all tools.” The ladder accessory tool includes multiple attachments that can connect on just about any type of ladder."It’s great to be at the Show and have this exposure to all of these companies, both national and international,” says Ayala. “It’s our first time here at the Show, so we’re excited.”Awards CeremoniesThe award began last night, when NRHA recognized eight Young Retailer of the Year honorees, all of whom are 35 years old or younger and who have helped grow their businesses, continued their hardware education and helped contribute to their community."These retailers exemplify what is great about the future of the independent home improvement industry,” says NRHA chief operating officer Bob Cutter. “We are thrilled to honor these individuals and we look forward to see what they accomplish in the industry moving forward.”SpeakersThe NRHA Village Stage stayed busy with the first day of speakers, who talked about providing strong customer service, the importance of the brick-and-mortar store and much more.First up was Dustin Kaehr, who presented, “Customers Uncensored: What They Wish You Knew.” He told retailers a little more about what customers are saying when retailers aren’t around."Think differently about the way you do business, treat employees and serve customers,” says Kaehr. “If you have people who work with or for you, you’re a leader. It takes courage to lead well.”Next was keynote speaker Dr. Kit Yarrow with “Decoding the New Consumer Mind.” Her presentation is based on a book of the same name, which discusses how consumers have changed their shopping habits over the years."The No. 1 thing customers say they want is omnichannel retailing,” says Yarrow. “Customer say they prefer to go to a store, but it’s just so complicated to get there. Bring technology into the store to help customers understand what they are about to buy.”Bill Brunelle of Independent We Stand and Dan Tratensek of NRHA gave an update to the Home Sweet Home Study, focusing this time on pros and their shopping habits, and how those can impact local communities. Al Meyers, a business innovator from Kalypso, told independent retailers how they can set themselves apart from others in his presentation, “Break Out of the Pack.”"There are a lot of different ways to make the customer experience innovative and informative with technology,” says Meyers. “Look at retailers with a strong focus on innovation and creativity. Have a vision, have a strategy and have a direction.”Will Aubuchon of Aubuchon Hardware talked about the company’s omnichannel initiative, Aubuchon Go, and GE Lighting’s James Patton talked about the future of lighting solutions and how retailers can incorporate lighting into their smart home options.The National Hardware Show continues through Thursday, May 11. About the National Hardware Show®The National Hardware Show® celebrates a rich history spanning 72 years of serving the home improvement marketplace. From its early beginnings in New York during the post-World War II housing boom and eventual move to Chicago in the 1970s, to today’s current location in Las Vegas, the National Hardware Show continually evolves through the industry’s involvement, commitment and passion to improving America’s quality of life through their homes. Today, the National Hardware Show is the place for global manufacturers, associations, organizations and the media to unveil their new products, ideas and insight to a broad spectrum of home improvement resellers.Source: The National Hardware Show®

By IANS| 2017-05-16 14:19:58

Overtaking imports, India’s steel exports jumped by 142 per cent in April to 0.747 million tonnes (mt) as compared to 0.308 mt in the same month last year, said a Steel Ministry report.Steel imports were down by 23 per cent to 0.504 mt in the last month from 0.654 mt imported in the corresponding month of the last financial year (FY)."Export of total finished steel was up by 142 per cent in April 2017 to 0.747 mt over April 2016 and declined by 54 per cent over March 2017. Import of total finished steel at 0.504 mt in April declined by 23 per cent over April 2016 and also declined by 16 per cent over March 2017. India was a net exporter of total finished steel in April 2017,” said the report of Joint Plant Committee.India’s consumption of total finished steel saw a growth of 3.4 per cent at 6.015 mt in the first month of the current FY over the same period last year but declined by 22 per cent over March 2017, under the influence of a declining supply side as both production for sale and imports declined in April 2017 over March.In April, production for sale of total finished steel at 8.43 mt, registered a growth of 8.7 per cent over corresponding month last year.The production was, however, down by 8.6 per cent over March 2017.SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 4.786 mt during April 2017 which was a growth of 11 per cent over last year, the report said.The rest was 4.478 mt coming from the other producers, which was a growth of 6 per cent, it added.Meanwhile, the Union Cabinet, earlier this month, gave its approval to the National Steel Policy, 2017 which projects crude steel capacity of 300 million tonnes (mt), production of 255 mt and a robust finished steel per capita consumption of 158 kg by 2030-31, as against the current consumption of 61 kg.According to the policy, the 300 mt of steel making capacity would translate into additional investment of Rs 10 lakh crore by 2030-31.CRISIL Research, however, said in a report, that “the government’s vision of adding 182 mt of new capacities over the next 14 years seems unlikely, given that only 60 mt of capacity was added in the past decade”."Further, stagnant demand in past five years has impacted utilisation, and also aggravated the debt position of the steel sector,” it said.The research agency expects 24-26 mt of steel capacities to be added over the next five years, leading to aggregate steel capacity to rise to 140-145 mt by 2021-22.Source IANS

By DAVID SCUTT| 2017-05-16 00:00:00

Iron ore spot markets closed mixed on Monday with the benchmark price sliding higher and lower grades rose.According to Metal Bulletin, the spot price for benchmark 62% fines fell by 0.95% to $60.80 a tonne, extending its decline this year to 22.9%.It currently sits just above the eight-month low of $60.15 a tonne struck last week.However, while the benchmark price went into reverse, both higher and lower grade ores moved in the other direction, particularly the latter.The spot price for 58% fines jumped by a massive 4.5% during the session, closing at $41.09 a tonne.As a result of the divergent performance between the two, Metal Bulletin said that the spread between 62% and 58% fines narrowed to the lowest level seen since December last year.The gains across most iron ore grades followed news that China produced the most crude steel on record in April, surpassing the previous record high set just one month earlier.According to data released by China’s National Bureau of Statistics, a mammoth 72.78 million tonnes of steel was produced last month, topping the 72 million tonne level set in March.However, instead of creating concern that it could lead to excess steel supply, undermining prices as a consequence as has been the case in recent weeks, it appears that on this occasion it has been taken as a bullish signal for demand for its raw ingredients, including iron ore.Continuing the bullish price action seen on Monday, the most actively traded September 2017 iron ore futures contract on the Dalian Commodities Exchange added an additional 1.32% overnight, closing the session at 460 yuan per tonne.Coking coal and rebar futures also closed in the black, rising 0.54% and 0.49% respectively.Trade in Chinese commodity futures will resume at 11am AEST.Source: www.businessinsider.com.au