Iron ore futures fell on Monday as subdued fundamentals continued to weigh on sentiment for the key steelmaking raw material.
Higher iron ore inventories at major Chinese ports, coupled with rising global supply and a lack of near-term drivers to accelerate destocking, kept prices under pressure.
Market sources said most Chinese steel mills have largely completed iron ore restocking ahead of the Lunar New Year holidays starting next week. This has also dampened activity in the physical steel market, with traders noting a sharp drop in demand and a build-up of inventories as the holiday slowdown sets in.
Environmental-related production curbs in some Chinese cities have added further pressure, potentially limiting steel output and iron ore consumption.
On the Dalian Commodity Exchange, the most-traded May iron ore contract slipped 0.46pct to 761.5 yuan (USD 110) per ton. Coking coal and coke futures also declined by 0.61pct and 1.07pct to 1,147 yuan (USD 166) per ton and 1,703.5 yuan (USD 246) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures fell 0.84pct to 3,064 yuan (USD 443) per ton, while HRC eased 0.55pct to 3,239 yuan (USD 468). Wire rod futures declined 0.89pct to 3,355 yuan (USD 485), and stainless steel futures edged down 0.11pct to 13,735 yuan (USD 1,984) per ton.
1 USD / 6.92 yuan
| Item | Closing Price (yuan) | Difference from Night Session (%) | Difference from Previous Morning Session (%) |
|---|---|---|---|
| Wire Rod | 3,355.00 | ▼ -0.89 | 0.00 |
| Hot Rolled Coils | 3,239.00 | ▼ -0.55 | ▼ -0.37 |
| Rebar | 3,064.00 | ▼ -0.84 | ▼ -0.42 |
| Stainless Steel | 13,735.00 | ▼ -0.11 | ▲ 0.47 |
| Iron Ore | 761.50 | ▼ -0.46 | ▲ 0.13 |
| Coke | 1,703.50 | ▼ -1.07 | ▲ 0.29 |
| Coking Coal | 1,147.00 | ▼ -0.61 | ▲ 0.74 |
