Iron ore futures reversed earlier gains and posted a loss in post-holiday trading on Tuesday, as markets were disappointed by a recent statement from the National Development and Reform Commission (NDRC), which dampened hopes for significant stimulus measures. Profit-taking by some investors also contributed to the decline.
Before the week-long holiday, Chinese raw material and steel futures had surged following the introduction of several economic stimulus measures by Chinese authorities. The market had anticipated additional stimulus after the holidays, but the NDRC’s press conference offered no new major measures or further details on policy implementation.
On the Dalian Commodity Exchange, the most-traded iron ore contract fell by 2.37pct to 783.5 yuan (USD 110.7) per ton. Coke and coking coal futures also dropped by 1.61pct and 0.77pct, respectively, to 2,143 yuan (USD 303) and 1,481.5 yuan (USD 209) per ton.
In contrast, on the Shanghai Futures Exchange, rebar futures rose by 0.43pct to 3,486 yuan (USD 493) per ton, while HRC futures increased by 1.07pct to 3,601 yuan (USD 509) per ton. Wire rod futures surged by 8.1pct to 3,910 yuan (USD 553) per ton, and stainless steel futures gained 1.6pct to 13,975 yuan (USD 1,976) per ton.
1 USD / 7.07 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,910 |
8.10 |
6.93 |
| HRC | 3,601 |
1.07 |
-1.17 |
| Rebar | 3,486 |
0.43 |
-1.86 |
| Stainless Steel | 13,975 |
1.60 |
0.32 |
| Iron Ore | 783.5 |
-2.37 |
-4.85 |
| Coke | 2,143 |
-1.61 |
-5.32 |
| Coking Coal | 1,481.5 |
-0.77 |
-4.35 |
