Iron ore futures are getting hosed, adding to the 4% declines seen in overnight trade on Thursday.
Here’s the scoreboard upon the resumption of trade on Friday.
SHFE Rebar ¥3,433 , -5.24%
DCE Iron Ore ¥440.50 , -5.78%
DCE Coking Coal ¥1,223.00 , -4.97%
DCE Coke ¥1,871.50 , -4.81%
The May 2018 iron ore contract has fallen 5.78% from Thursday’s day session close, leaving it at the lowest level since October 20.
It’s now fallen over 20% since January, leaving it in a technical bear market.
Rebar, coke and coking coal contracts have fallen by a similar margin, suggesting the move is being driven by deteriorating sentiment towards the outlook for steel demand.
There’s more on that here.