China's commodities markets tumbled on Wednesday, led by sharp falls in thermal coal prices, after the state planner said it was considering intervention to cool record prices of the fuel that is vital to power the world's second biggest economy.
China's commodities markets tumbled on Wednesday, led by sharp falls in thermal coal prices, after the state planner said it was considering intervention to cool record prices of the fuel that is vital to power the world's second biggest economy.
Chinese coking coal and coke futures surged on Tuesday, fuelled by concerns of tight supply amid Beijing's toughening emissions standards, although demand for the steelmaking ingredients remained tepid as mills cut production.
Russia's finance ministry proposed setting a mineral extraction tax (MET) linked to global prices for producers of iron ore, coking coal and fertilisers, as well as ore mined by Nornickel, four sources at companies familiar with talks told Reuters.
Chinese steel futures declined on Monday, with rebar leading the declines after falling to a more than 10-day low, as slower-than-expected growth in industrial output and cooling construction activities in the country weighed on prices.