Iron ore futures fell on Monday, as traders were worried about weaker-than-expected steel consumption in the peak construction season and possible steel output curbs during winter in top consumer China.
January iron ore, the most traded commodity on China's Dalian Commodity Exchange (DCE), fell 2.03% in daytime trading at 844.5 yuan ($115.55) per metric ton, the lowest since September 11. completed at the level.
Additionally, coking coal DJMcv1 fell 0.84% and coke DCJcv1 fell 0.74%.
The October iron ore benchmark on the Singapore Exchange fell 4.23% to $116.05 per tonne by 07:04 GMT, the lowest level since September 11.
A decline was also observed on the Shanghai Futures Exchange due to weak demand and low raw material prices. Rebar SRBcv1 fell 1.51%, hot rolled coil SHHCcv1 fell 1.09%, wire rod SWRcv1 fell 0.29% and stainless steel SHSScv1 fell 0.59%.
China will begin a week-long holiday from September 29 to celebrate the Mid-Autumn festival and National Day.
Comments
No comment yet.