China: Iron ore futures drop tracking declining steel futures

Dalian iron ore futures fell by 3.8% d-o-d on 12 Aug’21 tracking decline in steel futures as China’s output curbs fuelled supply worries. SHFE steel futures decreased by up to 2.7% in today’s session. Closing prices of the most-traded ferrous futures contracts:

• DCE iron ore futures Jan’22 contract closed at RMB 838/t ($129) (-RMB 33.5)
• SGX iron ore futures Sept contract closed at $159.5/t (-3.5)
• SHFE rebar futures Oct contract closed at RMB 5,442/t ($840) (-RMB 155).
• SHFE HRC futures Oct contract closed at RMB 5,777/t ($892) (-RMB 124)