China: Ferrous futures slump on production cut concerns

Iron ore and steel futures fell by 3.5% d-o-d as the focus of the Chinese steel market shifted again towards output cuts amidst power shortfalls.

• DCE iron ore futures Jan’22 contract: RMB 769.5/t ($119/t) (-RMB 28/t)
• SGX iron ore futures Nov contract: $127.50/t (-$7.8/t)
• SHFE rebar futures Jan’22 contract: RMB 5,562/t ($862) (-RMB 246/t)
• SHFE HRC futures Jan’22 contract: RMB 5,624/t ($871/t) (-RMB 209/t)