China: Iron ore futures slide on bearish market outlook

DCE iron ore futures plunged 5.6%, d-o-d, on 1 Sept’21 on weak demand amidst China production cut worries. SHFE steel futures, too, fell by 1.3% yesterday. Closing prices of the most-traded ferrous futures contracts:

• DCE iron ore futures Jan’22 contract closed at RMB 765/t ($118) (-RMB 43)
• SGX iron ore futures Sept contract closed at $143/t (-8)
• SHFE rebar futures Jan’22 contract closed at RMB 5,242/t ($810) (-RMB 66)
• SHFE HRC futures Jan’22 contract closed at RMB 5,492/t ($849) (-RMB 72)