Chinese ferrous futures prices plunge, market shrugs
Sep 16, 2020 17:15
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Domestic futures prices of ferrous materials and metals including iron ore, rebar and hot-rolled coil in China declined significantly on September 16, with the most traded rebar futures contract down 1.8% on day and iron ore futures plunging by 5.1% on day. Market watchers suggested that current actual demand for ferrous commodities was not as robust as the market had long expected, Mysteel Global noted.
The most-traded rebar contract on the Shanghai Futures Exchange (SHFE) for January declined by Yuan 65/tonne ($9.6/t) from the settlement price on September 15 to close the daytime session on September 16 at Yuan 3,575/t. Also on Wednesday, the most-traded iron ore contract on the Dalian Commodity Exchange, also for