Iron ore contracts on Dalian Commodity Exchange extended losses on Thursday, after the volume of imported iron ores arriving in China rebounded again.
The benchmark Dalian iron ore contract fell 3.21 percent to 422 yuan/tonne by the end of the daytime session on Thursday, after it ended 2.39 percent lower 24 hours ago. The 22 ports received 17.19 million tonnes of imported iron ores during May 7-21, up 2.84 percent from the previous two weeks, according to market watcher SMM (Shanghai Metals Market).
Both the futures and spot iron ore prices have rebounded sharply since mid-April. Analysts said the earlier harbor overhauls led to fewer iron ores delivered from abroad and hence boosted iron ore prices. The iron ore futures market was also dampened by lower-than-expected liquidity in April.
China's social financing scale in April was 1.05 trillion yuan, lower than both March's 1.18 trillion yuan and market expectations. The newly-added RMB loans in April fell to 707.9 billion yuan, also lower than market expectations.
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