Iron ore futures remained under pressure on Thursday as market sentiments stayed pessimistic. The increasing inventory at Chinese ports and potential output curbs continue to cast a bearish outlook on iron ore demand. Additionally, a slowdown in steel demand, evidenced by rising inventory at major Chinese warehouses, is also weighing on iron ore futures.
The lack of economic stimulus further dampened market sentiment, as the Chinese central bank left its key lending rates unchanged despite widespread economic concerns.
On the Dalian Commodity Exchange, iron ore futures for September delivery ended daytime trading in a narrow range at 824.5 yuan (USD 113.6) per ton. Dalian coke and coking coal futures also fell, by 1.64pct and 1.89pct respectively, to 2,249.5 yuan (USD 310) per ton and 1,587.5 yuan (USD 219) per ton.
On the Shanghai Futures Exchange, rebar futures declined by 0.85pct to 3,597 yuan (USD 496) per ton, while HRC futures dropped by 0.55pct to 3,776 yuan (USD 520) per ton. Wire rod futures remained almost unchanged at 3,852 yuan (USD 531) per ton. Stainless steel futures rose by 0.68pct to 13,975 yuan (USD 1,925) per ton.
1 USD / 7.25 yuan
| Material | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
| Wire Rod | 3,852 | -0.03 | 0.36 |
| HRC | 3,776 | -0.55 | -0.26 |
| Rebar | 3,597 | -0.85 | -0.47 |
| Stainless Steel | 13,975 | 0.68 | 0.32 |
| Iron Ore | 824.5 | -0.36 | 0.06 |
| Coke | 2,249.5 | -1.64 | -1.78 |
| Coking Coal | 1,587.5 | -1.89 | -1.80 |
