China: Ferrous futures rebound after last week’s fall

Chinese ferrous futures rebounded after plunging last week following the government’s move to stabilise commodity prices. Iron ore futures on the Dalian Commodity Exchange (DCE) rose 4.7% d-o-d while steel futures on the Shanghai Futures Exchange (SHFE) picked up by around 1% in today’s session. The closing prices of the most-traded iron ore and steel futures contracts on 31 May’21 are:

• DCE iron ore futures Sep’21 contract closed at RMB 1,114/t ($175) (+RMB 51)
• SGX iron ore futures June’21 contract closed at $194.2/t (+12.15)
• SHFE rebar futures Oct’21 contract closed at RMB 5,027/t ($789) (+RMB 94)
• SHFE HRC futures Oct’21 contract closed at RMB 5,354 ($841) (+RMB 26)