Iron-ore futures plunge 2% on DCE

FXStreet (Mumbai) - As reported by Reuters, Chinese iron ore futures fell on Monday as steel mills in the world's top consumer of the raw material held back buying on expectation of deepening weakness in steel demand.

The most active January 2016 iron ore futures January 2016 contract on the Dalian Commodity Exchange (DCE) dropped 2% to 373.5 yuan a tonne.

On Friday evening, Chinese iron ore futures traded directionless and closed flat.

Chinese markets, including commodity futures, will have a shorter trading week with the nation breaking for the golden week holiday that begins on October 1.