Iron ore futures gained on Monday, reversing earlier losses as renewed hopes for economic stimulus offset concerns about weak demand.
The Standing Committee of China’s National People’s Congress (NPC) is meeting from Nov. 4-8, and investors are watching closely for potential stimulus measures aimed at boosting the economy. Market expectations are high that Beijing will announce further details to support growth and meet its 5pct GDP target for the year.
Earlier in the day, iron ore futures had dipped, weighed down by higher inventory levels at major Chinese ports and low margins for steel mills, which could limit production.
On the Dalian Commodity Exchange, the most-traded iron ore contract rose 0.91pct to 779 yuan (USD 109.3) per ton. Coke and coking coal futures also climbed, up 2.07pct and 1.6pct, respectively, to 2,051 yuan (USD 288) and 1,366 yuan (USD 192) per ton.
Meanwhile, on the Shanghai Futures Exchange, rebar futures increased 0.74pct to 3,425 yuan (USD 481) per ton, HRC futures rose 0.5pct to 3,584 yuan (USD 503), and wire rod futures were up 0.85pct to 3,680 yuan (USD 517). Stainless steel futures also gained 0.48pct, reaching 13,550 yuan (USD 1,902) per ton.
1 USD / 7.12 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,680 |
0.85 |
0.98 |
| HRC | 3,584 |
0.50 |
0.70 |
| Rebar | 3,425 |
0.74 |
0.93 |
| Stainless Steel | 13,550 |
0.48 |
0.04 |
| Iron Ore | 779 |
0.91 |
1.09 |
| Coke | 2,051 |
2.07 |
2.66 |
| Coking Coal | 1,366 |
1.60 |
2.12 |
