By Enrico Dela Cruz
Dec 22 (Reuters) - Coking coal futures in
China held firm on Thursday, supported by concerns over limited supply of the
steelmaking input and in the absence of any major progress regarding shipments
from Australia after discussions over trade blockages.
Australian
Foreign Minister Penny Wong met her Chinese counterpart, Wang Yi, in Beijing on
Wednesday, as the two trading partners seek to stabilise and reset frosty
diplomatic relations.
The
most-active May coking coal contract on China's Dalian Commodity Exchange DJMcv1 was
up 0.6% at 1,888 yuan ($270.54) a tonne as of 0231 GMT. It fell as low as 1,822
yuan on Monday, the weakest since Dec. 8, ahead of Wong's Beijing trip.
"(The)
visit to China has ended and no substantial progress has been made on trade
issues," Zhongzhou Futures analysts said in a note. There had been
speculation in the market that China, the world's top coal buyer, might end its
unofficial ban on imports of Australian coal, traders said.
The focus has shifted back to supply fundamentals, analysts said, with prices
of steelmaking ingredients also supported by expectations of improved steel
demand in China amid a steady stream of growth-supportive rhetoric from
Beijing.
Top
global steel producer China will implement policy measures to support the economy