China: Ferrous futures gain on demand optimism

Dalian iron ore futures climbed 3%, d-o-d, on 27 Aug’21 on expectations of a demand recovery in China. Meanwhile, re-bar and HRC futures on the Shanghai Futures Exchange rose by 2.2% and 1.7% respectively on fast-improving sentiments. Closing prices of the most-traded ferrous futures:

• DCE iron ore futures Jan’22 contract closed at RMB 840/t ($130) (+24)
• SGX iron ore futures Oct contract closed at $154.35/t (+2.93)
• SHFE rebar futures Jan’22 contract closed at RMB 5,222/t ($806) (+114)
• SHFE HRC futures Jan’22 contract closed at RMB 5,495/t ($848) (+93)