China: Benchmark iron ore futures recover, steel futures extend losses

Chinese iron ore futures jumped by 3.7% d-o-d, recovering from the previous session, underpinned by a large spread with spot cargoes, as demand for iron ore remained strong. On the other hand, steel futures continued to decline, as per SteelMint’s assessment. The closing prices of the most-active iron ore and steel futures on 15 Apr are as follows:

• DCE iron ore Sep contract closed at RMB 1,048.5/t (+37)
• SGX iron ore May contract closed at $171.45/t (+4.9)
• SHFE rebar Oct contract closed at RMB 5,107/t (-9)
• SHFE HRC Oct contract closed at RMB 5,393/t (-25)