June 4 saw iron ore futures on Dalian Commodity Exchange slip. Most-traded contract,I2609,closed at 767 yuan per metric ton. Down 1.85% from previous session.
Spot prices at ports fell too, dropping 6-11 yuan per metric ton from day before. The slide in futures and spot prices mirrors broader steel market trend — domestic demand seems weak.
Export prices for hot-rolled coils kept falling,with $2 per tonne shaved off daily, bringing prices to $496-$504 per tonne . Domestic futures also dipped,slowing market inquiries .
Northern traders noted tax-exclusive offers coming up, but port congestion persists, making trading tricky. Buyers now cautious . Many just waiting to see what happens.
Square billet exports recorded at $473-$475 per tonne,easing $1 per tonne from previous day. High offers in north struggle to close deals . International inquiries drying up, with prices $3-$5 below market.
Rebar export offers nudged down $1 per tonne . Inquiry activity weak. Some steel mills looking beyond China for new orders .
Trading volumes for hot-rolled coils dipped. June 4 total trading volume from sample enterprises in Shanghai, Lecong, Tianjin, and Ningbo hit 12,910 metric tons . Down 970 metric tons, or 6.7%,from day before. Big yearly drop of 32.2% solar, 21.14% lunar.
The market now? Complex mix of domestic demand shifts,external pressures . As traders face these hurdles, the future for iron ore and steel products…uncertain.
