November 12, 2019 / 3:50 AM / in a month

China steel futures jump amid anti-pollution curbs

* Dalian iron ore up as much as 3.2% in morning trade

* Shanghai steel rebar rose more than 2%

* China’s environment ministry issues winter anti-pollution plans

BEIJING, Nov 12 (Reuters) - China’s steel futures bounced back on Tuesday snapping three sessions of losses, as fresh winter anti-pollution plans issued by the environment ministry stroked supply concerns.

The Ministry of Ecology and Environment issued new action plans during this winter for Yangtze river delta region and Fenwei plains. Further output curbs would be imposed on steel mills with utilisation rate over 120% in 2018.

The most-active construction steel rebar contract on the Shanghai Futures Exchange, for January 2020 delivery, rose 1.8% to 3,428 yuan a tonne as of 0330 GMT.

Futures for hot-rolled coil steel, used in cars and home appliances, gained 1.2% at 3,359 yuan per tonne.

Iron ore futures on the Dalian Commodity Exchange, also surged following Brazil’s mining giant Vale SA revising down iron ore and pellets sales outlook.

The most-traded iron ore futures, for January delivery, rose as much as 3.2% to 612 yuan in morning trade.

FUNDAMENTALS

* Benchmark spot 62% iron ore for delivery to China SH-CCN-RINOR62 dived to $79.5 a tonne, the lowest level since Jan.29.

* Other steelmaking ingredients mixed with Dalian coking coal edged up 0.3% to 1,234 yuan, while Dalian coke inched down 0.2% at 1,715 yuan.

* Shanghai stainless steel future, for February 2020 delivery, extended losses to 14,345 yuan per tonne.

* China’s Jingye Group said on Monday it has reached a provisional deal to buy British Steel and promised to invest 1.2 billion pounds ($1.54 billion) over the next decade and save thousands of jobs.

* For the top stories metals and other news, click TOP/MTL or MET/L

$1 = 0.7815 pounds Reporting by Min Zhang and Tom Daly; Editing by Shailesh Kuber

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