China: Iron ore futures extend losses on steel output controls

Benchmark iron ore futures on the Dalian Commodity Exchange fell 1.2% on 23 Jul’21, as the Chinese steel market turned bearish and iron ore demand softened on steel production curbs. However, steel futures contracts on the Shanghai Futures Exchange edged up by 0.4%, as per SteelMint assessment. Closing prices of the most-traded iron ore and steel futures contracts:

• DCE iron ore futures Sept contract closed at RMB 1,124/t ($174) (-RMB 14)
• SGX iron ore futures Aug contract closed at RMB 192.70/t (-0.35)
• SHFE rebar futures Oct contract closed at RMB 5,671/t ($876) (+RMB 23)
• SHFE HRC futures Oct contract closed at RMB 5,968/t ($922) (+RMB 21)