China: Ferrous futures jump on probable steel output curbs

DCE iron ore futures jumped over 5% in today’s session fuelled by expectations of further steel output curbs in China. Steel futures gained 3% against the last closing on bullish sentiments. Closing prices of the most-traded futures contracts on 11 June’21 are:

• DCE iron ore futures Sep’21 contract closed at RMB 1,247/t ($195) (+RMB 69)
• SGX iron ore futures July’21 contract closed at $210.20/t (+1.9)
• SHFE rebar futures Oct’21 contract closed at RMB 5,322/t ($833) (+RMB 154)
• SHFE HRC futures Oct’21 contract closed at RMB 5,610/t ($878) (+RMB 162)