Iron ore prices June 10, 2022: Iron ore drops due to weak steel industry profits

On the Singapore Exchange, the most actively traded contract for July delivery fell 0.8 percent to $143.65 a tonne.

Iron ore futures in Dalian and Singapore on June 10, 2022 fell as traders continued to worry about weak profits at Chinese steel mills, with warnings of new Covid-19 infections in Shanghai. and Beijing add to the concerns.
The Shanghai-China mall must undergo a large-scale COVID screening this weekend, after detecting some cases in the community, just 10 days after the city-wide embargo was announced. remove.

September iron ore contract on the Dalian Commodity Exchange (China) ended the session down 0.3% at 924.50 CNY (equivalent to 138.33)/ton, the third consecutive decline. next.
On the Singapore Exchange, the most actively traded contract – July futures – fell 0.8 percent to $143.65 a tonne.

China's iron ore imports rose 3% in May from a year earlier, after import and export shipments resumed.
China ramped up purchases - despite weak profits at steel mills - due to the easing of COVID-related restrictions and Beijing's stimulus support for the struggling economy.

Other materials were also under pressure with Dalian coking coal prices down 0.5%, while rebar prices on the Upper Futures Exchange fell 0.2%. Coal price increased 0.3%, while hot rolled coil price increased 0.1%. Stainless steel prices fell 0.1%.

 VINANET