China: Iron ore futures slump on weak demand, improved supply

Iron ore futures on the Dalian Commodity Exchange (DCE) fell 4.7% in today’s trading session on expectations of improved supply of the steelmaking raw material and lower Chinese demand. SHFE steel futures, on the other hand, dipped by up to 1%. Closing prices of the most-traded ferrous futures contracts on 9 Aug’21:

• DCE iron ore futures Jan’22 contract closed at RMB 852.5/t ($132) (RMB 42.5)
• SGX iron ore futures Sept contact closed at $160.10/t (-7.65).
• SHFE rebar futures Oct contract closed at RMB 5,330/t ($823) (-RMB 49)
• SHFE HRC futures Oct contract closed at RMB 5,772/t ($891) (-RMB 26)