The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended day trade down 0.12% at 809.5 yuan ($113.08) per metric tonne, after increasing 2% a week earlier.
The benchmark July iron ore contract on the Singapore Exchange decreased 0.05% to $ 113.45 per metric tonne by 0701 GMT, after increasing more than 4% in the previous week.
"Given low inventories, lively demand and the relatively wide spread between spot and futures prices, the elasticity of iron ore futures prices is relatively large," Sinosteel Futures analysts said.
Coking coal and coke, other key materials for steel production, decreased 1.55% and 0.81%, respectively.
Rebar decreased 0.74%, hot-rolled coil 0.75%, wire rod 0.61% and stainless steel 2.1% on the Shanghai Futures Exchange.
"Some electric arc furnace-based steel mills have resumed production with improved margins, putting downward pressure on the market," said Cheng Peng, a Beijing-based analyst at Sinosteel.
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