China: Iron ore futures plummet on gloomy demand outlook

Iron ore futures fell by 6%, d-o-d, amidst foggy demand outlook. Demand for iron ore is expected to remain dull. Steel futures dropped by 1.1%, d-o-d. Closing prices:

• DCE iron ore futures Jan’22 contract: RMB 629/t ($97) (-RMB 41.5)
• SGX iron ore futures Oct contract: $103.45/t (-$3.8)
• SHFE rebar futures Jan’22 contract: RMB 5,478/t ($849) (-RMB 63)
• SHFE HRC futures Jan’22 contract: RMB 5,541/t ($858) (-RMB 66)