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China SHFE steel and DCE iron ore futures tumble further

Reuters reported that Chinese rebar and iron ore futures fell to record lows as weak buying activity and a poor outlook for demand growth for the two commodities by the world’s biggest consumer dragged down spot prices.

The most active iron ore futures for September delivery on the Dalian Commodity Exchange fell for a third day to close 2.5% lower at CNY 666 the lowest since the contract was launched in October last year.

The benchmark rebar contract for October delivery on the Shanghai Futures Exchange declined one percent to CNY 3,027 per tonne by close

According to data from the The Steel Index, the import price of 62% iron ore fines at China’s Tianjin port was pegged at USD 91.50 per tonne, down $2 on the day.

Source – Reuters

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