Dalian iron ore futures witnessed a drop in Monday’s post-holiday trade as weak steel demand overshadowed the rise in steel output
China’s daily crude steel output reached 2.95 mln tons from June 11 to 20, a 1.11pct increase compared to the previous 10-day period, according to the China Iron & Steel Association. However, a recent heatwave and heavy rainfall negatively impacted the construction sector, leading to a decline in steel demand.
The September contract for iron ore on the Dalian Commodity Exchange declined by 0.44pct, settling at 797 yuan (USD 110.9) per ton
Dalian coke and coking coal futures also saw declines of 4.63pct and 4.72pct, respectively, reaching 2,038.50 (USD 284) and 1,293 (USD 180) per ton.
In Shanghai Futures Exchange, rebar futures dropped by 1.24pct to 3,667 yuan (USD 510.5) per ton, while HRC futures decreased by 1.37pct to 3,755 yuan (USD 523) per ton. Similarly, wire rod futures declined by 2.25pct to 4,093 yuan (USD 570) per ton, and stainless steel futures decreased by 0.83 pct to 14,390 (USD 2,004) per ton.
1 USD / 7.18 yuan
