Prices for future iron mineral contracts decreased on Monday due to the moderate consumption of steel in China, while the persistent weakness in the country’s real estate sector also damaged the feeling of the market.
The most negotiated iron mineral contract on the Dalian Commodity (DCE) bag in China closed the negotiations of 2.21%of the day at 706.5 iuani (US $ 98.47) the tonne. At the beginning of the session, the contract reached 704 IUANI, below from 12 May.
The June reference iron mineral to the Singapore Stock Exchange had a loss of 1.09%to 97.05 US $ the ton.
“The prices of the iron mineral imported into China have come down on the market and in the future market from 19 to 23 May, with the production of iron guessed in the steel further redeveloped in the proximity of the low season of the steel demand,” said Mysteel Consultancy.
The production of iron cake, usually used to measure the demand for iron mineral, decreased by 0.48% compared to the month before 2.4 million tons in May, although the production remained at high level, said Everbright Futures.
The continuous challenges in the construction and real estate sector have a significant internal demand for steel, said the Futures on the intermediation galaxy.
In general, the Chinese real estate sector should remain weak this year, with the prices of the houses designed to drop by almost 5% and remain stable by 2026, according to a reuters survey.
However, the US dollar index, which accompanies the currency compared to the six main rivals, dropped by 0.3% to 98.813, increasing a drop of 1.9% compared to last week. [USD/]
A weaker dollar makes the activities called dollars more accessible to the other owners of coins. [FRX/]
Source: Terra
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