China: Iron ore, steel futures inch higher towards close after steep fall

Iron ore futures on the DCE as well as steel futures rebounded on 8 Jun’21 after a sharp fall of RMB 54.5/t on the last closing day. The most-active iron ore futures contract moved higher by 2.6% d-o-d while steel futures on the Shanghai Futures Exchange (SHFE) saw an uptick of around 0.5%. Closing prices of the most-traded contracts are:

• DCE iron ore futures Sep’21 contract closed at RMB 1,149/t ($180) (+RMB 31)
• SGX iron ore futures July’21 contract closed at $200.70/t (+8.7)
• SHFE rebar futures Oct’21 contract closed at RMB 5,004/t ($782) (+RMB 45)
• SHFE HRC futures Oct’21 contract closed at RMB 5,288/t ($827) (+RMB 36)