Print Edition - 2018-04-17  |  Money Digest

China’s iron ore futures sinks

BEIJING

Apr 17, 2018-

China’s iron ore futures dropped in line with steel rebar futures on Monday, despite the decline in stockpiles, while concerns over leaner downstream demand pulled down sentiment. The most-active iron ore contract for September delivery on the Dalian Commodity Exchange was down 2.1 percent at 441 yuan ($70.20) a tonne, as of 0253 GMT. Construction steel rebar futures on the Shanghai Futures Exchange dipped 0.9 percent to 3,393 yuan per tonne. Stockpiles of rebar continued to fall last week, dropping by 521,600 tonnes to 8.68 million tonnes. Meanwhile, iron ore inventory at Chinese ports declined by 731,600 tonnes to 160.4 million tonnes compared with a week ago, data from Mysteel Consultancy showed. “Process of reducing steel products inventory is going on smoothly, which helps to lift sentiment of the market.,” said Zhu Hao, analyst, Orient Futures. (REUTERS)

Published: 17-04-2018 08:10

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