Dalian iron ore futures fell for the fourth consecutive session on Wednesday, as the latest stimulus measures from Beijing failed to boost market sentiment.
According to a Reuters report, an official policy document revealed that China has expanded its consumer goods trade-in scheme and will offer more subsidies for digital purchases this year to revive sluggish domestic demand. These efforts are part of Beijing’s broader strategy to stimulate domestic growth amid a severe property crisis that has weakened consumer wealth and reduced household spending.
However, experts warn that these measures may not fully offset the steel demand shortfall from the struggling property sector.
Reflecting cautious market sentiment, major steel producer Baosteel kept its domestic flat steel prices unchanged for February.
On the Dalian Commodity Exchange, iron ore futures dropped 0.73pct to 747.5 yuan (USD 102) per ton. Coke futures declined 2.62pct to 1,690 yuan (USD 231) per ton, while coking coal futures fell 3.54pct to 1,103 yuan (USD 151) per ton.
On the Shanghai Futures Exchange, rebar futures decreased by 1.14pct to 3,211 yuan (USD 438) per ton, while HRC futures slipped nearly 1 pct to 3,321 yuan (USD 453). Wire rod futures fell 1.37pct to 3,525 yuan (USD 481). Stainless steel futures increased by 1.4pct to 13,065 yuan (USD 1,783) per ton.
1 USD / 7.32 yuan
