Iron ore futures in China began to decline as the incentives announced by the government did not meet expectations.
Iron ore, the most traded commodity in May on China's Dalian Commodity Exchange (DCE), fell 1.35% on the day to 948 yuan ($131.94) per ton. Additionally, coking coal DJMcv1 decreased by 4.72% and coke DCJcv1 decreased by 2.96%.
On the Singapore Exchange, the iron ore benchmark for January fell 2.06% to $133.3 per metric tonne.
The Shanghai Futures Exchange fell overall due to lower demand. While rebar SRBcv1 decreased by 2.38%, hot rolled coil SHHCcv1 decreased by 1.89% and wire rod SWRcv1 decreased by 1.93%; stainless steel SHSScv1 was up 0.52%.
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