Chinese iron ore and steel futures rose by 2% d-o-d on 28 May’21 supported by steel output plans. China’s steel capacity reforms had sparked worries of tight supply, pushing prices to record highs earlier this month. This led to strong margins for mills, encouraging producers to ramp up output and seaborne purchases of iron ore. Closing prices of the most-traded iron ore and steel futures are:
- DCE iron ore futures Sep’21 contract closed at RMB 1,063/t ($167) (+RMB 16.5).
- SGX iron ore futures June’21 contract closed at $185.25/t (+1.7).
- SHFE rebar futures Oct’21 contract closed at RMB 4,933/t ($775) (+RMB 116).
- SHFE HRC futures Oct’21 contract closed at RMB 5,328/t ($837) (+RMB 142)
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