Iron ore’s losses are getting even uglier

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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.