Iron ore and steel futures in China today fell sharply as demand optimism wanes. The most traded iron ore futures May contract in Dalian Commodity Exchange today decreased by RMB 47, closing at RMB 1,127.5/t. The same traded in Singapore Exchange for Apr delivery closed at $172.5/t, down by $2.75 d-o-d. Shanghai rebar futures saw a sharp decline by RMB 153/t while HRC futures fell by RMB 138/t. Concerns about China cutting its steel production capacity to reduce carbon emissions and easing restocking demand for steel products weighed on sentiment.
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