Iron ore futures were largely unchanged on Monday, as the market looked for clearer direction. Rising supply continued to weigh on prices, although pre-holiday restocking provided some support.
Shipments to China from major exporters, including Australia and Brazil, have increased following earlier weather-related disruptions. Higher arrivals, combined with high inventories at Chinese ports, are exerting downward pressure on prices as supply availability improves.
At the same time, Chinese steel mills have been replenishing iron ore stocks ahead of the May holidays. However, analysts noted that steel production growth may slow, as higher raw material costs and weak margins could limit output, keeping pressure on iron ore prices.
Chinese steel traders said spot demand remains stable. Export activity has been supported by firm demand for semi-finished steel, while finished steel demand remains mixed, partly due to logistics disruptions linked to tensions in the Middle East.
On the Dalian Commodity Exchange, the most-traded September iron ore contract was unchanged at 786 yuan (USD 115.1) per ton. Coking coal and coke futures rose by 1.19pct and 0.63pct to 1,277 yuan (USD 187) and 1,848.5 yuan (USD 271) per ton, respectively.
On the Shanghai Futures Exchange, rebar and HRC futures were steady at 3,190 yuan (USD 467) per ton and 3,394 yuan (USD 497) per ton, respectively. Wire rod declined by 0.28pct to 3,257 yuan (USD 477) per ton, while stainless steel increased by 1.29pct to 15,320 yuan (USD 2,245) per ton.
1 USD / 6.82 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,257.00 | ▼ -0.28 | ▼ -0.06 |
| Hot Rolled Coils | 3,394.00 | 0.00 | ▲ 0.06 |
| Rebar | 3,190.00 | 0.00 | ▼ -0.03 |
| Stainless Steel | 15,320.00 | ▲ 1.29 | ▲ 0.88 |
| Iron ore | 786.00 | 0.00 | ▼ -0.06 |
| Coke | 1,848.50 | ▲ 0.63 | ▲ 0.84 |
| Coking Coal | 1,277.00 | ▲ 1.19 | ▲ 1.45 |