MANILA: Benchmark Singapore and Dalian iron ore futures stretched losses on Wednesday, languishing below $100 a tonne, as steel prices slumped in China on economic recovery worries.
A weaker yuan added to the gloomy mood, with Shanghai rebar futures hitting their lowest in more than six months. The steelmaking ingredient’s most-active June contract on the Singapore Exchange tumbled as much as 4.7% to $95.25 a tonne, its weakest since May 5. The most-traded September iron ore on China’s Dalian Commodity Exchange ended daytime trading 4.6% lower at 682.50 yuan ($98.74) a tonne, also touching its lowest since May 5 at 682 yuan.
Benchmark October rebar on the Shanghai Futures Exchange slumped as much as 3.6% to 3,462 yuan a tonne, its weakest since Nov. 3.
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