Prices of iron ore, steel and steelmaking materials in China fell after the US Federal Reserve signaled an interest rate hike by the end of the year and tight monetary policy until 2024.
Iron ore, the most-traded January commodity on China's Dalian Commodity Exchange, closed 1.9% lower in daytime trading at 854 yuan ($116.93) per metric tonne, after rising in the last two sessions.
Additionally, coking coal decreased by 3.6% and coke by 2.7%.
On the Singapore Exchange, iron ore fell 3.4% to $117 per tonne.
There was also a decline in the Shanghai Futures Exchange. Rebar recorded a decrease of 2%, hot rolled coil decreased by 2.3%, wire rod decreased by 2.8% and stainless steel decreased by 2%.
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