Iron ore futures on the Dalian Commodity Exchange (DCE) fell sharply by 4.5% day-on-day on 8 Jul’21, fuelled by expectations of production cuts in China. Steel futures on the Shanghai Futures Exchange (SHFE) dropped by 0.8% due to bearish sentiments. Closing prices of the most-traded ferrous futures contracts:
- DCE iron ore futures Sept contract closed at RMB 1,187.5/t ($183) (-RMB 56.5)
- SGX iron ore futures Aug contract closed at $205.60/t (-4.15)
- SHFE rebar futures Oct contract closed at RMB 5,393/t ($831) (-RMB 46)
- SHFE HRC futures Oct contract closed at RMB 5,750/t ($886) (-RMB 18)
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