China: Ferrous futures drop on dull seasonal demand, output curbs

Iron ore and steel futures in China dropped by 2.5% in today’s session on weak downstream demand, while steel prices declined due to output curbs in Tangshan. The closing prices of the most-traded ferrous futures on 15 Jun’21 are:

• DCE iron ore futures Sep’21 contract closed at RMB 1,225.5/t ($191) (- RMB 21.5)
• SGX iron ore futures Jul’21 contract closed at $212.65/t (-0.7)
• SHFE rebar futures Oct’21 contract closed at RMB 5,168/t ($807) (-RMB 154)
• SHFE HRC futures Oct’21 contract closed at RMB 5,436/t ($849) (- RMB 174)