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Iron ore futures prices fell for the fifth consecutive session on Wednesday, weighed down by weak steel demand and predictions of high shipments to top user China in June. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) fell 1.37% to $114.43 a metric tonne. On the Singapore Exchange, the benchmark July iron ore dropped 0.56% to $107.05 a tonne.
Steelmaking ingredient demand fell in tandem with dropping hot metal output, while portside stocks piled up, putting downward pressure on ore prices, according to some analysts. "But some steel mills may return to stockpile cargoes to meet production needs over the upcoming Dragon Boat Festival following persistent price falls, which may limit price loss," Sinosteel's Cheng added.
The Chinese futures market will be closed on June 10 to observe the holiday. Other steelmaking ingredients on the DCE retreated further, with coking coal and coke down 0.36% and 0.97%, respectively.
Steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar fell 0.55%, hot-rolled coil (HRC) dipped 0.26%, wire rod edged down 0.23% and stainless steel shed 0.83%.
Data from information provider Zhaogang showed that this week, the apparent consumption of medium plate, HRC, and construction steel products shrank more steeply.
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