Iron ore futures tumbled on Monday as sentiments were dampened by unfavorable economic data. The National Bureau of Statistics (NBS) reported that the producer price index (PPI) fell for the ninth consecutive month in June, marking a 5.4pct decline compared to the previous year, the most substantial drop since December 2015.
The outlook was further clouded by steel output restrictions in Tangshan and sluggish steel demand due to soaring temperatures. These factors contributed to uncertainties surrounding the demand for iron ore.
On the Dalian Commodity Exchange, the September contract for iron ore witnessed a significant 3.46pct decrease, settling at 795.5 yuan (USD 110) per ton. Similarly, Dalian coke and coking coal futures experienced declines of 1.98pct and 1.5pct, reaching 2,076 yuan (USD 287) per ton and 1,316.5 yuan (USD 182) per ton, respectively.
Rebar futures also faced a decline of 2.01pct, settling at 3,654 yuan (USD 506) per ton. HRC futures dropped by 1.73pct to 3,757 yuan (USD 520) per ton. Wire rod futures experienced a significant slump of 4.71pct to 3,968 yuan (USD 549) per ton. Meanwhile, stainless steel futures showed a slight decline, settling at 14,730 yuan (USD 2,039) per ton.
1 USD / 7.22 yuan
