Chinese iron ore futures continue to slide, adding to the significant losses seen since the start of March.
Here’s the scoreboard at the mid-session break in China on Tuesday.
SHFE Rebar ¥3,623 , -1.41%
DCE Iron Ore ¥457.00 , -2.87%
DCE Coking Coal ¥1,280.00 , -0.16%
DCE Coke ¥1,930.00 , -1.58%
After closing Monday’s night session at 482.5 yuan, the May 2018 iron ore contract in Dalian has fallen further on the resumption of trade, hitting a low of 453.5 yuan, almost 20% below its January peak.
Rebar, coking coal and soke contracts have also fallen from Monday’s night session close, reflecting ongoing negativity towards the outlook for Chinese steel demand.
Analysts put the recent weakness down to a deceleration in Chinese house price growth in February.