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China iron ore and steel futures off 1 month top

Reported that steel and iron ore futures in China fell on June end after recent gains that propelled them to one month highs, reflecting continuing pressure from excess supply and lean demand growth in the world’s top market for the two commodities.

Iron ore for September delivery on the Dalian Commodity Exchange was down 2.1% at CNY 698 per tonne by midday.

Singapore futures also retreated, with the September contract on the Singapore Exchange off 0.8% at USD 95.04 per tonne.

The most-traded rebar contract for delivery in October on the Shanghai Futures Exchange declining 1.1% to CNY 3,073 per tonne. 

As per Mysteel, inventory of five major steel products, including rebar held by traders fell further to 13.41 million tonnes on Friday from 13.53 million tonnes the previous week.

As per China Iron and Steel Association, crude steel output of China’s large steel mills averaged 1.837 million tonnes a day between June 11 and 20, a record high.

Ms Helen Lau senior mining analyst at UOB-Kay Hian Securities in Hong Kong said that “The market remains oversupplied and I don’t see any signs of turnaround. I think the trend will be for prices to consolidate at low levels. While Chinese mills have kept steel production high, traders have been running down their stocks.

Signs of a recovery in China’s factory activity helped fuel last week’s gains in iron ore and rebar futures and investors are eyeing the official factory data due on Tuesday. 

Source – Reuters

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