China: Iron ore futures remain range-bound, steel futures rise
Iron ore futures in Dalian and Singapore Exchange today remained largely stable. DCE's most-traded May contract closed at RMB 1,131/t while Singapore's front month Mar iron ore futures closed at $170.6/t. Meanwhile, SHFE rebar and HRC futures jumped by RMB 92 and RMB 68 respectively. Chinese steel futures rose on expectations of global demand rebounding from pandemic lows while supply worries sparked by output curbs in top steelmaking city Tangshan also fuelled gains.