Iron ore futures started to decline due to lack of demand in China.
Iron ore, the most traded commodity in May on China's Dalian Commodity Exchange (DCE), was down 0.37% on the day and traded at 955 yuan ($133.00) per metric ton. Additionally, coking coal DJMcv1 decreased by 2.32% and coke DCJcv1 decreased by 0.21%.
The January iron ore benchmark on the Singapore Exchange fell 0.64% to $134.65 as of 07:00 GMT.
There was also a decline in the Shanghai Futures Exchange due to raw material prices. Rebar SRBcv1 decreased by 0.27%, hot rolled coil decreased by 0.46% and stainless steel SHSScv1 decreased by 0.15%.
Market analysts state that steel mills in China are reluctant to restock due to the increase in ore prices.
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