China: Iron ore futures fall on uncertain demand outlook, steel futures stable

Dalian iron ore futures dropped 2.6% d-o-d on 23 Aug’21 as the bearish Chinese steel market continued to pressure futures prices amidst steel output cuts and uncertain outlook. The steel futures market, on the other hand, remained rangebound d-o-d. Closing prices of the most-traded iron ore and steel futures contracts:

• DCE iron ore futures Jan’22 contract closed at RMB 757/t ($117) (-RMB 20.5)
• SGX iron ore futures Sept contract closed at $136.45/t (-RMB 2.4)
• SHFE rebar futures Jan’22 contract closed at RMB 5,102/t ($787) (+RMB 2)
• SHFE HRC futures Jan’22 contract closed at RMB 5,464/t ($843) (+RMB 6)