Iron ore futures were largely steady on Monday, with improving demand providing support against downside pressure.
Production at Chinese blast furnace mills continued to recover, underpinning iron ore consumption. Analysts also pointed to firm demand for certain high-grade ores, offering additional support to prices.
Rising freight and energy costs, linked to ongoing tensions in the Middle East, have also provided a cost floor to the market.
In the spot market, Chinese traders reported improved finished steel prices and demand. Export activity has also strengthened in nearby Asian markets, with some analysts noting that Chinese billet sales could increase amid the absence of Iranian material.
However, high port inventories remain a key headwind, limiting further gains.
On the Dalian Commodity Exchange, the most-traded May iron ore contract edged up to 813 yuan (USD 117.6) per ton. Coking coal futures fell 0.33pct to 1,214 yuan (USD 176), while coke futures rose 0.2pct to 1,753.5 yuan (USD 254) per ton.
On the Shanghai Futures Exchange, rebar futures gained 0.58pct to 3,139 yuan (USD 454) per ton, and HRC futures increased 0.33pct to 3,308 yuan (USD 478). Wire rod futures rose 0.42pct to 3,326 yuan (USD 481), while stainless steel futures edged up 0.17pct to 14,370 yuan (USD 2,078) per ton.
1 USD / 6.91 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,326.00 | ▲ 0.42 | ▲ 0.57 |
| Hot Rolled Coils | 3,308.00 | ▲ 0.33 | ▲ 0.27 |
| Rebar | 3,139.00 | ▲ 0.58 | ▲ 0.48 |
| Stainless Steel | 14,370.00 | ▲ 0.17 | ▼ -0.14 |
| Iron ore | 813.00 | ▲ 0.06 | ▲ 0.12 |
| Coke | 1,753.50 | ▲ 0.20 | ▲ 0.09 |
| Coking Coal | 1,214.00 | ▼ -0.33 | ▼ -0.41 |
