Iron ore futures on the Dalian Commodity Exchange (DCE) tumbled 8% d-o-d on 30 Jul’21 due to slowing domestic steel demand in China amidst production cuts. Iron ore futures on the Singapore Exchange (SGX) also fell sharply by 7.6%. On the other hand, SHFE steel futures remained volatile with a slight drop in rebar futures, while HRC futures rose by 1%. Closing prices of the most-traded iron ore and steel futures contracts:
- DCE iron ore futures Sept contract closed at RMB 1,027/t ($159) (-RMB 87.5)
- SGX iron ore futures Aug contract closed at $176.25/t (-14.5)
- SHFE rebar futures Oct contract closed at RMB 5.737/t ($888) (-RMB 16)
- SHFE HRC futures Oct contract closed at RMMB 6,169/t ($955) (+RMB 65)
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