Iron ore futures rose on Thursday as the market continued to hope for additional stimulus to address demand concerns.
This week, traders have been looking to Beijing for possible economic support measures, with the ongoing National People’s Congress Standing Committee set to conclude tomorrow. Speculation has grown that Beijing may introduce larger stimulus efforts in response to potential trade tensions with the incoming U.S. administration under President-elect Trump, who has pledged to impose a 60pct import tariff on Chinese goods.
Despite these hopes, the demand outlook for iron ore remains uncertain due to rising port-side inventories and increased imports. China’s iron ore imports reached 1 bln tons in the first ten months of 2024. Additionally, low profit margins for steel mills and the anticipated seasonal dip in steel demand during winter continue to weigh on the outlook for this key steelmaking material.
On the Dalian Commodity Exchange, the most-traded iron ore contract rose 2.11pct to 799.5 yuan (USD 111.5) per ton. Coke and coking coal futures also gained, rising 0.23pct to 2,003 yuan (USD 280) and 0.75pct to 1,340 yuan (USD 187) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures increased by 1.03pct to 3,436 yuan (USD 480) per ton, while HRC futures rose by 0.7pct to 3,590 yuan (USD 501). Wire rod futures were up by 0.27pct to 3,655 yuan (USD 510), and stainless steel futures edged up 0.15pct to 13,730 yuan (USD 1,916) per ton.
1 USD / 7.16 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,655 |
0.27 |
0.60 |
| HRC | 3,590 |
0.70 |
0.84 |
| Rebar | 3,436 |
1.03 |
1.28 |
| Stainless Steel | 13,730 |
0.15 |
2.22 |
| Iron Ore | 799.5 |
2.11 |
2.25 |
| Coke | 2,003 |
0.23 |
1.55 |
| Coking Coal | 1,340 |
0.75 |
1.68 |
