Steel and iron ore futures in China edged higher in a muted session on March 6 as investors awaited catalysts, including progress in the Sino-US trade talks.
US President Trump will reject a trade deal with China that is not perfect, but the United States would still keep working on an agreement, US Secretary of State Mike Pompeo said on March 5.
The most-traded iron ore contract on the Dalian Commodity Exchange edged 0.4% higher to 620 yuan/t ($92.52/t).
The most-active construction steel rebar contract on the Shanghai Futures Exchange rose 0.1% to 3,784 yuan/t.
''There's nothing to speculate on at the moment, and some construction activities may have been suspended while the NPC meeting is going on,'' analysts said, referring to the National People's Congress, China's parliament.
Delegates to the annual NPC gathering meet in Beijing this week to discuss political and economic policies.
Hot-rolled coil edged down 0.6% to 3,748 yuan/t.
China's top steelmaking city of Tangshan has extended a level 1 smog alert that was due to be lifted on March 6 as unfavourable weather conditions persist.
The level 1 alert, the highest in China's four-tier pollution warning system, has been in place since March 1. It means steel mills are required to curb output by 40-70% or even stop production, depending on the scale of their emissions.
Coking coal inched up 0.3% to 1,280 yuan/t, but coke dipped 0.5% to 2,076 yuan/t.
Source:sxcoal
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