Iron ore futures continued to post gains on Wednesday, driven by near-term demand and expectations of additional stimulus from a key government meeting scheduled for mid-July.
Improved data from the real estate sector also boosted positive sentiment. An industry report showed that China’s property market displayed signs of improvement, with increased sales revenues among the top 100 real estate developers. This improvement follows the implementation of extensive supportive policies aimed at stabilizing the property sector.
Some analysts believe that steel prices have bottomed out after significant declines in June, suggesting limited downside potential. However, there is concern that July traditionally sees a slowdown in steel consumption due to summer and heavy rains in some parts of the country.
On the Dalian Commodity Exchange, iron ore futures for September delivery closed daytime trading with a 2.55pct gain, reaching 864 yuan (USD 118.8) per ton. Additionally, Dalian coke futures and coking coal futures increased by 2.12pct and 1.4pct, respectively, to 2,359 yuan (USD 324) per ton and 1,631.5 yuan (USD 224) per ton.
Meanwhile, on the Shanghai Futures Exchange, rebar futures rose by 1.49pct to 3,619 yuan (USD 498) per ton. HRC futures increased by 1.2pct to 3,809 yuan (USD 524) per ton. Wire rod futures climbed by nearly 1.5pct to 3,819 yuan (USD 525) per ton, and stainless steel futures increased by 0.39pct to 14,190 yuan (USD 1,951) per ton.
1 USD / 7.27 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,819 |
1.49 |
1.62 |
| HRC | 3,809 |
1.20 |
1.37 |
| Rebar | 3,619 |
1.49 |
1.58 |
| Stainless Steel | 14,190 |
0.39 |
0.32 |
| Iron Ore | 864 |
2.55 |
2.43 |
| Coke | 2,359 |
2.12 |
1.93 |
| Coking Coal | 1,631.50 |
1.40 |
1.20 |
