Dalian exchange’s iron ore futures hit new low

Iron ore futures on the Dalian Commodity Exchange fell to a new low on Monday May 19 amid poor sentiment due to the weak physical market.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The most-traded September contract on the exchange fell to 703 yuan ($114) per tonne on Monday morning, the lowest level since its launch in October 2013.

It was also 2 yuan ($0.30) per tonne below the previous low of 705 yuan ($114) per tonne recorded in mid-March.

“Market sentiment was battered, after the big drops in physical iron ore prices seen in recent weeks,” an iron ore trader in Zhejiang province said.

Metal Bulletin’s 62% Fe iron ore index dropped by almost $20 per tonne from early April to $100.74 per tonne last Friday May 16.

DCE’s September iron ore contract recovered to 712 yuan ($115) per tonne as at 11.30am Beijing time.

What to read next
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.