Steel’s steadiness – for now – lifts DCE iron ore futures
Oct 30, 2020 18:15
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The most-traded iron ore futures contract on the Dalian Commodity Exchange (DCE) for next January delivery has gained some ground over the past several days after the contract’s earlier decline. The contract closed the daytime session on October 30 at Yuan 745.5/dmt ($118.3/dmt), up Yuan 16.5/dmt from the settlement price on Thursday and some Yuan 8/dmt higher than the settlement on October 23.
“The uptick we’re seeing in iron ore futures prices now has mainly been prompted by the steadiness of domestic steel demand recently. Iron ore market fundamentals alone are not positive enough to support the rally,” a Shanghai-based analyst with a futures company commented.
A Zhejiang-based iron ore trader agreed that the