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Dalian iron ore edges up 0.4% Spot prices for benchmark 62% Fe...

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    • Dalian iron ore edges up 0.4%
    • Spot prices for benchmark 62% Fe at $93 a tonne
    • China and U.S. had "constructive" trade talks in Washington

    BEIJING, Sept 23 (Reuters) - China steel futures picked up on Monday, rebounding from a two-week low on falling inventory and fuelled by tightening output curbs in smog-prone cities pledged by the environment regulator ahead of the heating season.

    The most-active rebar contract on the Shanghai Futures Exchange SRBcv1 , for January 2020 delivery, rose as much as 2.1% to 3,458 yuan ($486.29) a tonne, fighting back from a two-week low in last session.

    Hot-rolled coil SHHCcv1 , for January delivery, also recovered after falling for five straight days. It gained 1.5% to 3,459 yuan a tonne as of 0215 GMT.

    Steel products' stockpile in China dropped for the sixth week to 11.4 million tonnes in the week ended Sept.20 on firm demand outlook, data compiled by Mysteel consultancy showed.

    The most actively trade iron ore futures contract on the Dalian Commodity Exchange DCIOcv1 , for January 2020 delivery, edged up 0.54 to 635 yuan per tonne in morning trade.

    BHP Group (BHP) said on Monday it expects to meet all customer commitments on iron ore shipments, despite maintenance at its Jimblebar and Newman mines in Western Australia, after speculation in China last week on supply concerns.

    FUNDAMENTALS

    • Prices for spot cargoes of benchmark iron ore with 62% iron content for delivery to China fell for the fourth day to $93 per tonne on Sept.20.
    • China's Ministry of Ecology and Environment said last Friday it will set stricter targets for cities with higher concentrations of damaging particles last time around, but firmly oppose "one-size-fits-all" strategy.
    • China and the United States had "constructive" discussions on trade in Washington, the state news agency Xinhua said on Saturday.
    • Other steelmaking ingredients were mixed, with Dalian coking coal DJMcv1 down 0.7% at 1,292 yuan a tonne, while coke DCJcv1 rose 0.7% to 1,958 yuan a tonne.
    • For the top stories metals and other news, click TOP/MTL or MET/L

    ($1 = 7.1110 Chinese yuan renminbi)

 
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