Miners gain on fresh Chinese curbs on steel output

Alexander Bueso WebFG News | 07 Aug, 2017 10:54 | | |

Iron ore, mining, BHP Billiton

Anglo American

1,434.00

17:17 17/11/17
-0.35%
-5.00
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  • 0.63%8.50
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17:17 17/11/17
  • 353.45
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  • Min: 348.05
  • Volume: 34,361,276
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17:18 17/11/17
  • 7,380.68
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17:30 17/11/17
  • 1,509.10
  • -0.31%-4.67
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17:25 17/11/17
  • 16,984.54
  • 0.14%23.69
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  • 4,102.67
  • -0.12%-4.73
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17:18 17/11/17
  • 4,051.78
  • -0.11%-4.62
  • Max: 4,065.06
  • Min: 4,039.36
  • Volume: 0
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17:25 17/11/17

News that the Chinese government had asked steel producers in the country's four northern regions to cut output during the winter stoked gains in steel and iron ore prices.

Officials in Beijing asked the provinces of Hebei, Shanxi, Shandiong and Henan - alongside existing curbs in Beijing and Tianjin - to slash production by half during the peak winter heating months, lasting from late November to end February, in order to curb their emissions.

The Shanghai Futures Exchange's most active rebar contract rose by its daily limit of 7% at one point during the session to 4,013 yuan ($811 a tonne) - its loftiest mark since April 2013.

That dragged iron ore futures on the Dalian Commodity Exchange higher as well, with the most heavily traded contract gaining as much as 7.3% to 587.50 yuan a tonne - its highest level since 21 March.

Monday's headlines pushed shares of Anglo American, Glencore and BHP Billiton all higher.

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