China: Iron ore futures fall as steel outlook gets bleaker

Dalian iron ore futures fell 3.2% (d-o-d) on weak steel market outlook in China amidst tighter output curbs that have reduced demand for the steelmaking raw material. Steel futures on the Shanghai Futures Exchange (SHFE) closed lower by 1.3%. Closing prices of the most-traded ferrous futures on 31 Aug’21:

• DCE iron ore futures Jan’22 contract closed at RMB 808/t ($125) (-RMB 27)
• SGX iron ore futures Oct contract closed at $152.60/t (-4.1)
• SHFE HRC futures Jan’22 contract closed at RMB 5,564/t ($861) (-RMB 73)
• SHFE rebar futures Jan’22 contract closed at RMB 5,308/t ($821) (-RMB 46)