Iron ore prices in China started to decline as demand in the country remained sluggish due to seasonal reasons.
The most-traded September iron ore contract on the Dalian Commodity Exchange in China fell by 1.1% to settle at USD 124.10 per metric tonne. Coking coal DJMcv1 and coke DCJcv1 fell 2.83% and 0.76%, respectively.
On the Singapore Exchange, the June iron ore benchmark fell 1.16% to USD 119.4 per metric tonne.
Market analysts said that steel demand has fallen due to the decline in transaction volumes and the slow pace of destocking.
In addition, iron ore production is expected to slow down due to the seasonal recession in the country.
Rebar SRBcv1, hot rolled coil SHHCcv1 and wire rod SWRcv1 decreased by 0.61%, 0.67% and 0.85%, respectively, while stainless steel SHSScv1 increased by 0.65% on the Shanghai Futures Exchange.
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