UTC+8 ( BJT)

DCE iron ore touches year’s high on renewed supply concern

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) hit the year’s high of Yuan 752/dmt ($105.3/dmt) at the close of daytime trading on May 29 on the renewed concern on supply tightness as the country’s steel output has been robust so far, according to market sources.
The contract closed Yuan 45.5/dmt or 6.4% higher from Thursday’s settlement price, according to the DCE data. “Most Chinese steelmakers have maintained high output, and yet steel inventories have been declining, indicating that domestic steel demand is real and solid, which undoubtedly has lent support to iron ore demand and prices,”

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