China: Iron ore, steel futures close lower on bearish sentiments

Iron ore futures in the Dalian Commodity Exchange (DCE) fell by 3% today while contracts in Singapore Exchange (SGX) dropped by 4%. Market sentiments turned bearish amid policy uncertainty. Steel futures kept trending down with rebar and HRC futures falling by 2.6% and 3.2% respectively. The closing prices of the most-traded iron ore and steel futures contracts on 24 May’21 are:

• DCE iron ore futures Sep’1 contract closed at RMB 1,064/t ($166) (-RMB 32.5)
• SGX iron ore futures June’21 contract closed at $183/t ($7.85)
• SHFE rebar futures Oct’21 contract closed at RMB 4,974/t ($774) (-RMB 138)
• SHFE HRC futures Oct’21 contract closed at RMB 5,316/t ($493) (-RMB 177)