Decline in construction demand reduced production, while rolled steel exports rose to record levels
Steel production in China fell below 1 billion tons in 2025, reaching its lowest level since 2018. According to the National Bureau of Statistics of China, the country produced 960.81 million tons of steel last year, which is 4.4% less than in 2024. The decline was the result of a protracted crisis in the real estate market, which significantly limited domestic demand for steel products.
In December, steel production in China decreased by 2.4% month-on-month to 68.18 million tons, the lowest level since December 2023 and the seventh consecutive monthly decline. In annual terms, the figure decreased by 10.3%.
Chinese steel companies will face profitability issues in the second half of 2022 (CI Editor: 2024, sic) , but the situation will improve somewhat in 2025. Analysts attribute this to manufacturers’ shift towards flat steel production, particularly hot-rolled coil, which enjoys more stable demand in both domestic and foreign markets. Flat steel forms the basis of Chinese steel exports.
Steel exports from China in 2025 rose to a record high of over 119 million tons. At the same time, the share of rebar, traditionally used in construction, fell to 13% of total production in the first 11 months of the year, compared to 23% in 2019.
Mysteel estimates that in 2025, an average of 54% of Chinese steel mills were profitable, while in 2024, this figure was only 36%.
Analysts expect production to continue declining in 2026, although the pace of decline will slow. According to Lange Steel’s forecast, steel production may decrease by another 3% or so. At the same time, Beijing has announced its intention to continue to strictly regulate steel production volumes and prevent the emergence of illegal new capacities in 2026-2030 as part of its carbon emission reduction policy.
It should be noted that at the end of last year, the Chinese Ministry of Commerce (MOFCOM), together with the General Administration of Customs of the PRC, announced the introduction of export licensing for some steel products. For Chinese steelmakers, this may limit the flexibility of exports as a market balancing tool, increase administrative costs, and force some companies to adjust their production plans, while the global market is increasingly likely to restrain export flows from China in 2026.
As reported by GMK Center, Chinese steel companies reduced steel production by 1.7% year-on-year in 2024, producing 1.005 billion tons. This is the lowest figure in the last five years. Experts note that 2024 is likely to be the last year when steel production in China exceeded 1 billion tons.
https://gmk.center/en/news/steel-production-in-china-fell-to-a-seven-year-low-in-2025/
Russia’s oil and gas revenues in January fell nearly by half due to the drop in the ruble-denominated oil price and the strengthening of the ruble, Reuters reports.
The country’s budget may have received only about 420 billion rubles (approximately 5.4 billion dollars), the lowest level since August 2020, when global energy demand collapsed due to the COVID-19 pandemic.
Why it matters
Oil and gas revenues account for about a quarter of Russia’s federal budget and remain a key source of funding for state expenditures, including the Kremlin’s military campaign against Ukraine. Such a sharp decline in revenues adds additional pressure on the country’s financial system.
Oil price in rubles collapses
According to Reuters, the indicative price of Russian oil in rubles, which is used for tax calculations, fell by 53% year-on-year in December to 3,073 rubles per barrel, while the ruble simultaneously strengthened by 30.6% compared to December 2024. This combination of falling prices and currency appreciation led to a significant reduction in budget revenues.
Official data in February
The Russian Ministry of Finance will publish official data on January’s oil and gas revenues on February 4.
Overall, the 2026 budget forecasts oil and gas revenues of 8.957 trillion rubles, while total federal budget revenues are projected at 40.283 trillion rubles.
For comparison, in 2025, Russia’s federal budget revenues from oil and gas fell by 24% to 8.48 trillion rubles, also marking the lowest level since 2020.
At the current exchange rate, 1 US dollar equals 77.65 rubles.
Thus, the start of 2026 could be one of the most challenging periods for Russia’s state finances in recent years, especially given the budget’s reliance on the energy sector and rising expenditures during wartime.
The Russian economy ended 2025 with catastrophic results: oil prices fell to a five-year low, and the space industry returned to 1961 levels.
US President Donald Trump recently approved a bipartisan bill that significantly expands the mechanisms for sanctions against Russia. The legislation allows the US president to impose sanctions on countries that continue to purchase cheap Russian oil.
https://newsukraine.rbc.ua/news/russia-s-oil-and-gas-revenues-fall-nearly-1768839443.html
According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO) which was published on January 13, the West Texas Intermediate (WTI) spot price average will drop in 2026 and 2027.
The EIA projected in this STEO that the WTI spot price will come in at $52.21 per barrel this year and $50.36 per barrel next year. The commodity averaged $65.40 per barrel in 2025, the EIA’s January STEO showed.
A quarterly breakdown included in the outlook forecast that the WTI spot price will come in at $54.93 per barrel in the first quarter of 2026, $52.67 per barrel in the second quarter, $52.03 per barrel in the third quarter, $49.34 per barrel in the fourth quarter, $49.00 per barrel in the first quarter of 2027, $50.66 per barrel in the second quarter, $50.68 per barrel in the third quarter, and $51.00 per barrel in the fourth quarter of next year.
In its previous STEO, which was released in December, the EIA projected that the WTI spot price would average $65.32 per barrel in 2025 and $51.42 per barrel in 2026. That STEO did not offer an average WTI spot price forecast for 2027.
The EIA’s November STEO saw the WTI spot price averaging $65.15 per barrel in 2025 and $51.26 per barrel in 2026.
A chart hosted on the EIA’s website, which was last updated on January 14 and displayed the annual average Cushing, OK, WTI spot price, on a free on board basis, from 1986 to 2025, showed that this commodity hit a peak in 2008, at $99.67 per barrel. The commodity saw its lowest price, between 1986 and 2025, in 1986, at $15.05 per barrel, the chart highlighted. The highest price the commodity has seen this decade came in 2022, at $94.90 per barrel, the chart showed.
In a BMI report sent to Rigzone by the Fitch Group on Friday, analysts at BMI, a unit of Fitch Solutions, projected that the front month WTI crude price will average $64 per barrel in 2026 and $68 per barrel in 2027.
In a J.P. Morgan research note sent to Rigzone by the company’s head of global commodities strategy, Natasha Kaneva, on Wednesday, J.P. Morgan forecast that the WTI crude oil price will average $54 per barrel in 2026 and $53 per barrel in 2027.
J.P. Morgan projected in that report that the commodity will come in at $56 per barrel in the first quarter of 2026, $55 per barrel in the second quarter, $52 per barrel in the third quarter, $51 per barrel across the fourth quarter of 2026 and the first quarter of 2027, $53 per barrel across the second and third quarters of next year, and $55 per barrel in the fourth quarter of 2027.
In a Stratas Advisors report sent to Rigzone by the Stratas team on January 12, the company highlighted that the price of WTI ended the week at $58.78 per barrel after closing the previous week at $57.33 per barrel.
Ole S. Hansen, the head of commodity strategy at Saxo Bank A/S, highlighted in a commodities note sent to Rigzone by the Saxo Bank team on January 9 that, “technically, resistance sits just below $59 in WTI and $63 in Brent, with a clear break above these levels potentially triggering momentum- and short‑covering‑led extensions”.
In the fourth quarter Dallas Fed Energy Survey, which was released recently, executives from oil and gas firms revealed where they expect the WTI crude oil price to be at various points in the future.
The survey asked participants what they expect WTI prices to be in six months, one year, two years, and five years. Executives from 116 oil and gas firms answered this question and gave a mean response of $59 per barrel for the six month mark, $63 per barrel for the year mark, $69 per barrel for the two year mark, and $75 per barrel for the five year mark, the survey showed.
This survey also asked participants what they expect the WTI crude oil price to be at the end of 2026. Executives from 128 oil and gas firms answered this question and gave an average response of $62.41 per barrel, the survey highlighted. The low forecast was $50 per barrel, the high forecast was $82.30 per barrel, and the average daily spot price during the survey was $59.00 per barrel, the survey pointed out.
A new report from climate think tank E3G claims that European and NATO security can be enhanced through expansion of offshore wind infrastructure.
Published today (Jan 19th), the report focuses specifically on wind energy in the ‘North Seas’, an area that includes the Irish and Celtic Seas along with the North Sea itself. As well as boosting energy security and supporting European supply chains, it’s claimed that expansion of wind in the region could also include ‘dual-use’ infrastructure that incorporates surveillance and monitoring equipment.
The report was published ahead of the North Sea Summit taking place in Hamburg later this month. Of the ten countries taking part (Ireland, United Kingdom, Norway, Denmark, Belgium, France, Netherlands, Luxembourg, Iceland, Germany), nine are NATO members, with Ireland the exception. According to E3G, dual-use infrastructure could be funded using domestic defence and security spending in line with recent NATO commitments, whereby 1.5 per cent of GDP (from an overall defence spend target of five per cent) may be allocated for broader security-related spending.
“Offshore wind, when built for defence and properly funded, can strengthen national security,” said Nick Mabey, CEO at E3G.
“The sector needs to carry out meticulous planning for physical and cyber resilience, alongside efforts to secure critical supply chains and foster deeper regional cooperation. At this year’s North Sea Summit, governments must make real progress on delivery and on mapping out how countries can address these increasingly urgent issues.”
According to E3G, a coordinated strategy to expand North Seas wind would reinforce Europe’s position as a leader in the sector. Manufacturers Siemens Energy and Vestas held nearly 40 per cent of the global market for complete offshore wind turbines in 2024. If steady demand can be maintained through coordinated action, the report claims this would boost regional supply chains for critical wind-energy components such as permanent magnets or those related to cybersecurity.
“North Seas offshore wind is not optional - it’s essential,” said Lisa Fischer, associate director, Energy Transition, E3G.
“It secures stable energy, modern infrastructure, and Europe’s industrial leadership. The North Sea Summit must back a strong delivery agenda with real political commitment.”
https://www.theengineer.co.uk/content/news/study-claims-offshore-wind-can-boost-european-security
TOKYO, Jan 19: Tokyo Electric Power will delay the restart of its Kashiwazaki-Kariwa nuclear power plant from the January 20 date originally scheduled, following an alarm malfunction, the company said on Monday.
The reactor restart, at a time when Japan is seeking to boost energy security and lower costs of fossil fuel imports, would have been TEPCO's first since a 2011 tsunami destroyed its Fukushima Daiichi nuclear power plant.
The company had planned a January 20 restart of Unit No. 6 at Kashiwazaki-Kariwa, the world's biggest nuclear plant, with Unit No. 7 to be restarted around 2030.
On Monday, a TEPCO spokesman said it would decide a restart date in consultation with the nuclear regulator after completing verification tests at the plant, set to run a further one or two days, after an alarm system malfunctioned over the weekend.
The new restart date should be within a few days, broadcaster NHK, which first reported the news, said earlier.
Kashiwazaki-Kariwa's total capacity is 8.2 gigawatts. TEPCO has planned to resume commercial operations of reactor No. 6, which has 1.36 GW capacity, on February 26.
The restart of Kashiwazaki-Kariwa, is being closely watched as a test for TEPCO and Japan's nuclear power industry at a time when Prime Minister Sanae Takaichi is pushing for new reactor build-ups, some via a new public funding scheme.
Japan has restarted 14 of the 33 reactors that remain operable after the shutdown of its fleet of 54 reactors in the wake of the Fukushima meltdown.
This month, Japan's nuclear watchdog said it would order Chubu Electric Power to provide a detailed report on falsified seismic data and pause a review of the utility's application to restart Hamaoka, its only atomic plant.
Chubu Electric's President Kingo Hayashi stepped down as chairman of the Federation of Electric Power Companies on Friday, as he apologised for the incident.
"The electric power business cannot exist without public trust," Hayashi told a briefing on Friday. "The erosion of that trust is extremely serious."
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Jan 19 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended lower on Monday, tracking weakness in the Chicago Board of Trade (CBOT) soybean oil market, a trader said.
Sunvin Group commodity research head Anilkumar Bagani said palm oil prices were also pressured after China cut import tariffs on Canadian canola to 15 per cent from a combined 84 per cent.
“It is also an adjustment reflecting reduced palm oil biofuel demand, as there will be no B50 mandate this year,” he told Bernama.
Echoing that view, Iceberg X Sdn Bhd proprietary trader David Ng said CPO prices were weighed down by persistent concerns over high domestic stock levels.
“We see prices supported above RM4,000, with resistance at RM4,180,” he said.
At the close, the benchmark February 2026 contract rose RM6 to RM4,032 per tonne. March 2026 eased RM2 to RM4,055 per tonne, while April 2026 slipped RM5 to RM4,067 per tonne.
The May 2026 contract fell RM6 to RM4,073 per tonne, June 2026 declined RM11 to RM4,071 per tonne and July 2026 lost RM9 to RM4,068 per tonne.
Trading volume dropped to 40,676 lots from 96,095 lots on Friday, while open interest fell to 242,379 contracts from 249,340 previously.
Egypt Establishes Gold Supreme Committee, Sets Plan for National Refinery
Prime Minister Mostafa Madbouly has chaired the first meeting of the Supreme Committee for Gold, outlining a strategic shift to transform Egypt from a raw gold exporter into a global industrial hub, according to a Cabinet statement.
The committee, established this month following a decree by President Abdel Fattah El-Sisi, aims to maximize the value added of Egypt’s gold sector across all stages, including extraction, purification, and manufacturing.
During the meeting, Madbouly emphasised that the government is working to regulate the market and intensify exploration activities to boost national gold reserves.
A central highlight of the meeting was the review of a proposed national gold refinery project. The facility will specialize in purifying raw gold to international standards for trading and export.
Madbouly noted that the project is part of a broader strategy to support mining value chains and curb the illicit trade of precious metals.
The Cabinet’s official spokesperson, Mohamed El Homosany, stated that the committee is currently evaluating three potential locations for the refinery.
The meeting was attended by key officials, including Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Hassan Abdalla, Governor of the Central Bank of Egypt (CBE); and Karim Badawi, Minister of Petroleum and Mineral Resources.
In conclusion, Madbouly directed the committee’s technical secretariat to prepare detailed presentations on the refinery’s implementation timeline and proposed governance frameworks for gold trading to be reviewed in upcoming sessions.
Egypt’s push to establish a national gold refinery is not the only strategic step the nation has taken toward developing its mineral wealth. The Ministry of Petroleum and Mineral Resources (MoMPR) has recently awarded multiple exploration blocks to global majors, including Barrick Gold and Centamin, to unlock the potential of the Eastern Desert further. This initiative aligns with Egypt’s objective of leveraging the Arabian-Nubian Shield, an under-explored mineral frontier.
The Sukari Gold Mine remains the nation’s flagship producer and continues to demonstrate strong growth. According to an announcement by AngloGold Ashanti, the co-owner of the mine together with the Mineral Resources and Mining Industries Authority(MRMIA), Al Sukari produced 246,000 ounces of gold during the first half (H1) of 2025, up from 225,000 ounces in the same period in 2024.
By Charles Kennedy - Jan 19, 2026, 12:30 PM CST
Gold and silver surged to all-time highs as markets reacted to U.S. President Donald Trump’s threat to impose tariffs on European countries in a bid to force a deal allowing the United States to buy Greenland, accelerating a broad move into safe-haven assets.
Gold jumped 2% on Sunday to a record $4,688 per ounce and was trading around $4,664 early Monday, while silver spiked 4% to an all-time high of $94.02 per ounce before easing to roughly $93. The rally reflected a rapid repricing of geopolitical and policy risk rather than changes in physical supply.
“When institutional and policy risks rise, markets tend to move quickly toward safe-haven assets, with gold once again coming out as the top choice,” Linh Tran, a senior market analyst at XS.com, said in a market note carried by Northern Miner. Tran said gold is no longer merely reacting to tariff headlines or monetary policy developments, but is entering a phase of strategic revaluation within global portfolios as confidence in fiat currencies is increasingly tested.
Trump said over the weekend that the United States would impose 10% tariffs on imports from the U.K., Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by February 1 if a deal on Greenland cannot be reached. He added that the tariffs would rise to 25% in June should negotiations fail to produce an agreement.
The European Union warned that a €93 billion ($108.2 billion) package of counter tariffs agreed last year could be activated as early as February 7 if the U.S. measures go ahead. The U.K. is not currently considering retaliatory tariffs, Prime Minister Keir Starmer said Monday.
The precious metals rally also builds on existing pressure in currency and gold markets stemming from Trump’s escalating confrontation with the Federal Reserve and its chair, Jerome Powell. Recent moves in gold have already been driven by concerns over central bank independence, dollar volatility, and the potential for policy-driven inflation shocks, adding another layer of support beneath prices even before the latest tariff threats emerged.
Gold typically performs strongly during periods of geopolitical stress, policy uncertainty, and low real interest rates. The latest spike follows a 64% surge in prices last year, and the metal is already up about 8% since the start of this year as investors continue to reassess risk across global markets.
Silver has rallied even more aggressively. The metal gained 147% over the course of 2025 and is up more than 30% so far this year, according to Northern Miner, reflecting both its role as a safe-haven asset and its growing importance in industrial and clean-energy applications as geopolitical tensions and trade risks intensify.
NEW DELHI: In a major boost towards the financial progress, the shares of Coal India’s subsidiary, Bharat Coking Coal opens with a bumper debut on Dalal Street on Monday with completion of its Initial Public Offering (IPO), raising around Rs 1,017.11 crore from the markets. The BCCL shares has kickstarted its first-ever trading session on the BSE by listing at Rs 45.21, a premium of Rs 22.21 or 96.57% over the IPO issue price of Rs 23, during the pre-opening session.
For National Stock Exchange (NSE), the stock listed at Rs 45 per share with a premium of Rs 22 or 96.65% as compared to the issue price. The IPO of BCCL has also outperformed its grey market estimates. According to the market estimates, the Dalal Street debut, the company’s unlisted shares were trading around Rs 36.5 per share in the grey market which indicates a premium of Rs 13.5 or 58.7 %, over the issue price of Rs 23.
According to the several stock analysts, the BCCL stock has good enough long-term potential with a key risk view of limited retail float of around 10% which could lead to a perception of significant surge in near term. The stock in a tactical move is primarily fully priced at current levels. Further Long-term investors may continue to hold the stock with a stop-loss of Rs 35 with a perception of medium to long term perspectives.
Proceeds from concentrate sales could help offset preservation and maintenance costs in 2026, subject to regulatory approvals and timing.
Summary
SEATTLE (Scrap Monster): First Quantum Minerals (TSX: FM) has welcomed the Panamanian government’s plan to allow the removal and processing of stockpiled ore at its suspended Cobre Panama copper mine, describing the move as a constructive step toward stabilizing the site while talks continue on its long-term future. The announcement follows comments by President Jose Raul Mulino outlining the proposed approach.
The Canadian miner said Panama began implementing a care and maintenance program in 2024, paving the way for the potential processing of around 38 million tonnes of ore extracted before mining operations were halted in 2023. The existing stockpile is estimated to contain approximately 70,000 tonnes of copper. Proceeds from concentrate sales could help offset preservation and maintenance costs in 2026, subject to regulatory approvals and timing.
Chief executive Tristan Pascall emphasized that the anticipated permit does not represent a restart of mining operations, reiterating the company’s commitment to continued dialogue with the government to resolve the dispute surrounding the project.
First Quantum also updated its medium-term copper production guidance, forecasting output of 375,000–435,000 tonnes in 2026, rising to 410,000–470,000 tonnes in 2027 and 430,000–490,000 tonnes in 2028. Analysts view near-term guidance revisions as modestly negative, but note potential upside from stockpile processing.
Vale President Director Bernardus Irmanto. (Photo: ANTARA)
JAKARTA - PT Vale Indonesia Tbk (INCO) has asked for the support of Commission XII of the Indonesian House of Representatives regarding the addition of nickel ore production quotas throughout 2026 through a revision of the Work Plan and Budget (RKAB).
Vale President Director Bernardus Irmanto said that currently his party only received production approval in the RKAB of 30 percent of the volume submitted.
"What then became our request for support is related to the mining quota or ore production from our mines in Pomalaa, Bahodopi, and Sorowako," said Bernardus in a Hearing with Commission XII, Monday, January 19.
Bernardus said that his party had actually obtained the approval of the RKAB, but the amount of production volume approved by the Ministry of Energy and Mineral Resources (ESDM) was not sufficient to meet the supply needs of the purification facilities or smelters owned.
"The quota given to Vale is about 30 percent of what we asked for, which may not be able to meet our commitments to factories," explained Bernardus.
For your information, in the development of the downstream project, Vale has partnered with a number of strategic partners.
For example, in the Pomaala project, Southeast Sulawesi, Vale partnered with Zhejiang Huayou Cobalt Co. Ltd. (Huayou) and Ford Motor Co in the construction of a smelter.
Later, Vale will play a role as a nickel ore supplier to a hydrometallurgical smelter facility based on high pressure acid leach (HPAL).
Anto said that the mechanical completion projection would be carried out in August 2026.
Thus, the supply of ore for the smelter must be available before operational activities are carried out 3 months earlier.
"The annual needs of the Pomala HPAL plant with a capacity of 120,000 are 21 million tons of limonite.
The second project, he continued, is the Morowali IGP in Bahodopi which is worked with GEM Hong Kong International Co. Ltd and Ecopro from South Korea.
This project is expected to start operating in the fourth quarter of 2026.
The smelter's HPAL needs are 5.5 million tons of nickel saprolite and 10.4 million tons of nickel limonite per year.
"So to meet the 60 kiloton MHP, the capacity, it requires about 10.4 million limonite," he continued.
Not much different from Pomaala, the smelter in Bahodopi also requires a nickel ore supply of at least 3 months before it starts operating.
Finally, said Bernardus, the Sorowako Limonite IGP project which collaborates with Huayou.
However, this project has yet to find a suitable third partner and will only operate in 2027.
"This is also a joint venture between Vale and Huayou, although the partner who will later become the third partner is still under assessment. But this is probably the most delayed in this progress compared to Pomala and Bahodopi," said Bernardus.
China, the world’s largest iron ore consumer, has received its first shipment of iron ore from the Simandou mine in Guinea in West Africa, in which Beijing has heavily invested to increase supply security.
China, which imports 80% of its iron ore from Australia and Brazil, has been attempting to diversify its supply by expanding domestic output and investing in overseas mines.
A vessel carrying nearly 200,000 metric tons of iron ore from Simandou arrived in Majishan port in East China’s Zhejiang province on January 17 after a 46-day voyage, China Baowu Steel Group, the world’s largest steel producer, said in a statement on its WeChat account on Saturday.
Simandou has a planned yearly production capacity of 120 million tons and is made up of four mining blocks that yield a high-grade ore that is 65% iron.
Investors in the four blocks include Rio Tinto, China-owned Chalco and Winning Consortium Simandou (WCS), a Singaporean-Chinese partnership. China Baowu is also a key shareholder in the project after completion of the transfer of shareholding rights by WCS.
Underlining how important the Simandou project is to Beijing, China’s Vice Premier Liu Guozhong attended the commissioning of the mine in Guinea in November.
A second Simandou iron ore shipment departed Guinea in late December, according to China Baowu’s statement.
Beijing set up China Mineral Resources Group in 2022 to centralize iron ore purchases and get better terms from miners.
(By Amy Lv, Ziyi Tang and Lewis Jackson; Editing by Tom Hogue)
https://www.kitco.com/news/off-the-wire/2026-01-19/china-receives-first-shipment-simandou-iron-ore
Iron ore futures fell to two-week lows on Monday as a raft of data from top consumer China highlighted persistent weakness in the property market, raising concerns about demand for the key steelmaking ingredient.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 2.58 per cent lower at 794 yuan ($114.03) a metric ton, hitting its lowest point since January 6.
The benchmark February iron ore on the Singapore Exchange was 1.54 per cent lower at $104.7 a ton, as of 0710 GMT, its weakest level since January 2.
China's new home prices extended their decline in December, official data showed, underscoring persistent strains in the property sector despite repeated government pledges to stabilise it.
Property investment and property sales by floor area, which are closely monitored by investors for clues on future steel and iron ore demand, also slumped.
Weighing on market sentiment were also China's lower crude steel output and signs of growing supply.
Crude steel output in 2025 fell below 1 billion tons and hit a seven-year low as the protracted property market downturn hurt demand, although steel exports rose to record levels.
Additionally, the world's largest iron ore consumer also received its first shipment of iron ore from the Simandou mine in Guinea.
Beijing has invested heavily in the mine to decrease its reliance on Brazillian and Australian shipments, which make up 80 per cent of its foreign supply.
Other steelmaking ingredients on the DCE also fell, with coking coal and coke down 0.8 per cent and 1.04 per cent, respectively.
Steel benchmarks on the Shanghai Futures Exchange were mixed. Rebar shed 1.04 per cent, hot-rolled coil lost 0.75 per cent wire rod fell 0.6 per cent and stainless steel softened 0.21 per cent.
