China’s Iron Ore and Rebar Futures Plummet on Weakening Demand

What’s new: Iron ore and steel rebar futures continued to decline in China this week on expectations of weakening demand.

It came after the nation’s top economic planner pledged to stick with cuts to crude steel production, and as Covid flare-ups threatened to further subdue construction demand already weakened by property sector turmoil.

On Monday, the Dalian Commodities Exchange’s most-traded iron ore futures contract plummeted 10.73%, while the Shanghai Futures Exchange’s most-traded steel rebar contract slid 4.73%.