Iron ore futures in China declined due to the failure to reach the expected level of demand and rising stocks. DCIOcv1, the most traded September iron ore contract on the Dalian Commodity Exchange (DCE), fell 3.3% to 113.56 USD. Coke DJMcv1 and cokeDCJcv1 fell 1.6% and 2.7%, respectively.
On the Singapore Exchange, iron ore SZZFQ4 index for August fell by 1.8% to 108.4 USD.
Prices on the Shanghai Futures Exchange also followed a downward trend. Rebar SRBcv1 and wire rod SWRcv1 fell by 2.3%, while hot rolled coil SHHCcv1 fell by 1.9%.
In China, port stocks rose as some steel mills slowed their purchases, which had a negative impact on prices. Some sources reported that port stocks reached up to 150 million tonnes.
Market analysts said that the supply-demand situation could not improve as demand did not materialise at the expected level, and this failed to maintain last week's rising prices.
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