China's Iron Ore Futures Surge as Demand Rebounds
Tang Shihua
DATE:  May 29 2020
/ SOURCE:  Yicai
China's Iron Ore Futures Surge as Demand Rebounds China's Iron Ore Futures Surge as Demand Rebounds

(Yicai Global) May 29 -- Chinese iron ore futures contracts jumped today as the nation started to recover from setbacks caused by the coronavirus pandemic.

The most actively traded contract for September delivery on the Dalian Commodity Exchange closed at CNY752 (USD105.19) per ton, up 6.44 percent from yesterday. The contracts traded for between CNY540 and CNY680 from January through April.

High levels of demand from the domestic steel industry and declining inventory at major ports are what propped up the contracts, according to industry analysts. Iron ore stocks are at their lowest since November 2016.

The majority of the most active steel product futures on the Shanghai Future Exchange ended the day higher, with hot rolled coils contracts up 3.18 percent, rebar futures up 2.49 percent, and wire rod futures remaining flat. Only the stainless steel futures ended lower, closing down 0.46 percent.

Editor: James Boynton

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Keywords:   Iron Ore,Commodity Future,Supply and Demand