China: Iron ore futures extend gains on supply worries

Iron ore futures prices on the DCE gained 2.2% d-o-d on supply concerns. Shipments from top iron ore miner Rio Tinto fell, while interruption in production at two of Vale’s mines on safety concerns threatens to reduce the miner’s output by 40,000 tpd. Closing prices of the the most-traded futures contracts on 9 Jun’21 are:

• DCE iron ore futures Sep’21 contract closed at RMB 1,175/t ($184) (+RMB 26)
• SGX iron ore futures July’21 contract closed at $204.10/t (+6.75)
• SHFE rebar futures Oct’21 contract closed at RMB 5,035/t ($788) (+RMB 31)
• SHFE HRC futures Oct’21 contract closed at RMB 5,366/t ($839) (+RMB 78)