PHOTO
Image used for illustrative purpose. A worker checks on coils of steel at a factory in Dalian, Liaoning province October 18, 2012.
SHANGHAI/BEIJING
* China's Shanghai Futures Exchange said on Thursday it had successfully completed the first physical delivery of its stainless steel futures contract amid supply chain disruptions linked to a coronavirus outbreak in the country.
* The delivery was of 1,860 tonnes of metal and had a contract value of 24.46 million yuan ($3.5 million).
* The companies involved in the settlement are Beibuwan New Materials Co. Ltd, Wuxi Taiming New Materials Co. Ltd and Xiamen International Trade.
* The front-month February 2020 stainless steel contract debuted on the Shanghai exchange last September at 15,575 yuan per tonne. The March contract closed at 13,340 yuan per tonne on Thursday.
* China's economy has been hit by the coronavirus outbreak which has killed more than 2,100 and disrupted production. A stainless steel joint venture of Jiangsu Shagang and South Korea's POSCO on Thursday shut down its production for one week.
($1 = 7.0185 Chinese yuan renminbi)
(Reporting by Emily Chow in Shanghai and Min Zhang in Beijing; Editing by Jan Harvey) ((emily.chow@thomsonreuters.com; +862120830020; Reuters Messaging: emily.chow.thomsonreuters.com@reuters.net))