Iron ore futures on the DCE fell by 4.3% today as demand optimism waned with lower iron ore imports by China in May’21. Latest General Administration of Customs data shows a 9% m-o-m drop in May imports to 89.79 mn t. Also, falling steel prices and lower margins weigh on overall sentiment. Closing prices of the most-traded futures contracts on 7 Jun’21:
- DCE iron ore futures Sep’21 contract closed at RMB 1,118/t ($174) (-RMB 54.5)
- SGX iron ore futures Jul’21 contract closed at RMB 192.55/t ($6.7)
- SHFE rebar futures Oct’21 contract closed at RMB 4,959/t ($775) (-RMB 200)
- SHFE HRC futures Oct’21 contract closed at RMB 5,252/t ($821) (-RMB 182)
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