Iron ore futures on the Dalian Commodity Exchange (DCE) dropped sharply by 3.5% after witnessing consecutive hikes in the past few trading sessions. Steel futures on the Shanghai Futures Exchange (SHFE) also dipped slightly by 0.6% day-on-day. Weak Chinese steel demand due to bad weather as well as threats of market invention by the authorities weighed on sentiments, as per reports. Closing prices of the most-traded ferrous futures contracts on 29 Jun’21 are:
- DCE iron ore futures Sept contract closed at RMB 1,153/t ($179) (-RMB 43)
- SGX iron ore futures Jul contract closed at $207.2/t (-5.2)
- SHFE rebar futures Oct contract closed at RMB 5,036/t ($780) (-RMB 34)
- SHFE HRC futures Oct contract closed at RMB 5,315/t ($823) (-RMB 10)
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