Iron ore spot markets have fallen in four of the past five trading sessions, consecutively in the past three, unwinding the hefty gains seen last week.
It looks like another loss is on the way based on what’s happening in Chinese futures on Friday.
They’re under pressure, as seen in the scoreboard below at the mid-session break.
SHFE Rebar ¥3,556 , -0.25%
DCE Iron Ore ¥457.00 , -2.04%
Iron ore futures are bearing the brunt of the selling, falling after closing Thursday’s night session at 468 yuan.
Rebar futures in Shanghai are faring slightly better, currently trading at 3,556 yuan, down from the prior close of 3,575 yuan.
The weakness in futures markets follows news that at least three steel mills in China’s city of Xuzhou in Jiangsu, the nation’s second-largest steelmaking province, have suspended operations as factories scramble to cut emissions as part of a tough environmental crackdown, according to Reuters citing company sources.
Trade in futures will resume for the afternoon session shortly.
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