Metallurgical raw materials rose sharply in price

Commodity steel coke rose to a six-week high in China on Tuesday, and steel and iron ore prices rose to their strongest in a week as investors challenged the global market and raised their rates amid supply disruptions.

Steel-related commodities were among the few to have escaped the global market debacle that followed Wall Street's biggest decline since 2011. Amid inflationary concerns, oil and copper fell more than 1 percent, while Asian stocks fell again along with US stock index futures.

China's push to tackle overcapacity as well as to curb production to combat smog have contributed to tightening supplies to the global steelmaker. These efforts contributed to a nearly 50 percent rise in steel prices last year and a surge in profits to their strongest in decades.

Prices for steel and its raw materials have remained stable this year, and winter production volumes have remained until March. Transportation disruptions due to heavy snowfall in China also boosted coking coal prices and coke futures.

The demand picture for supply helped maintain an appetite for ferrous metal futures, despite falling financial markets in Asia, which pushed investors towards assets such as gold and the dollar.

China ordered steelmakers in 28 cities to cut production by half from November to March in a campaign against air pollution.