Dalian iron ore futures continue their decline. Erasing earlier gains as a weak steel market and lingering woes over steel production cuts offset optimism about resilient demand after some mills in China’s top steel production hub Tangshan resumed production.
The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 0.49% lower at 714.5 yuan ($99.10) a metric ton.
The benchmark August iron ore SZZFU3 on the Singapore Exchange was down 0.68% at $100.75 a metric ton.
Analysts have warned that iron ore will fall further in the coming days.
Steel benchmarks on the Shanghai Futures Exchange have been heavily pressured by the continued increase in inventories and moderate demand.
Coking coal DJMcv1 down 0.94 percent; coke DCJcv1 was down 1.45 percent.
Rebar SRBcv1 fell 0.51 percent, hot rolled coil SHHCcv1 fell 0.76 percent and wire rod SWRcv1 fell 0.02 percent.
Stainless steel SHSScv1 increased 0.23 percent.