Rebar and HRC futures in China fell by 0.5% and 0.2% respectively on 2 Jun’21 as the country steps up efforts to reduce steel output this year. The local government in Anhui province has ordered steel mills to ensure that their production in 2021 does not exceed that of last year. Hence, steel mills may cut output in H2 CY’21. However, iron ore futures rose by 1.5%. Closing prices of the most-traded iron ore and steel futures on 2 Jun:
- DCE iron ore futures Sept contract closed at RMB 1,182.5/t ($182) (+RMB 16.5)
- SGX iron ore futures Aug contract closed at $213.2/t (+0.05)
- SHFE rebar futures Oct contract closed at RMB 5,124/t ($791) (-RMB 22)
- SHFE HRC futures Oct contract closed at RMB 5,418/t ($836) (-RMB 10)
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