China iron ore futures set for fourth week of losses

Finance | 9 Jul 2021 12:23 pm

Benchmark iron ore futures in China tumbled on Friday and were on course for a fourth straight weekly fall, as worries over steel output controls overshadowed demand for steelmaking ingredients and gobbled up gains logged earlier this week, Reuters reports.

Overall iron ore supplies from the top four miners are expected to increase significantly in the second half of 2021, SinoSteel Futures wrote in a note.

If environmental-related production controls are to be implemented strictly, the market might have an oversupply of iron ore, the note added.

The most-actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, fell by 2.8 percent at 1,174 yuan (US$181.05) per ton as of 0330 GMT. They are set to fall by 0.7 percent this week.

Spot prices of iron ore with 62 percent iron content for delivery to China was unchanged at US$219 per tonne on Thursday, according to SteelHome consultancy.

Coking coal futures on the Dalian bourse fell by 0.9 percent at 1,861 yuan a ton.

Coke futures slid by 1.2 percent at 2,506 yuan per ton.

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