Iron ore futures in China continue to decline due to insufficient demand. The futures market was closed on Monday due to the Dragon Boat Festival in the country.
The most-traded iron ore contract on the Dalian Commodity Exchange (DCE) in September fell 4.16% to USD 111.12 per metric tonne in day trade. This level was recorded as the lowest since 10 April. Coking coal DJMcv1 fell 2.7% and coke DCJcv1 fell 2.85%.
On the Singapore Exchange, the iron ore benchmark for July fell by 1.57% to USD 103.75 per tonne.
It is known that iron ore supply in the country has increased and port stocks continue to rise. Demand, on the other hand, continues to hover below the expected level.
On the Shanghai Futures Exchange, rebar SRBcv1 fell 1.77%, hot rolled coil SHHCcv1 1.62%, wire rod SWRcv1 1.44% and stainless steel SHSScv1 1.16%.
Market analysts predict that the Chinese government's efforts to melt stocks by converting unsold housing into more affordable homes will not be enough.
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