China: Iron ore futures drop following brief recovery

Dalian iron ore futures on 8 Sept’21 dropped by 2.1% against yesterday’s closing as sentiments softened. Steel futures on the Shanghai Futures Exchange decreased slightly by 0.7% in the afternoon session. Closing prices of the most-traded ferrous futures contracts:

• DCE iron ore futures Jan’22 contract closed at RMB 763/t ($118) (-RMB 16)
• SGX iron ore futures Oct contract closed at $131.65/t (-$4.6)
• SHFE rebar futures Jan’22 contract closed at RMB 5,452/t ($844) (-RMB 42)
• SHFE HRC futures Jan’22 contract closed at RMB 5,776/t ($894) (-RMB 45)