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China’s iron ore futures rebounded on Thursday, supported by renewed restocking interest from steel mills, although cautious steel demand continued to limit the upside.
Market sentiment remained mixed, with Chinese steel traders describing the market as broadly stable and lacking a clear direction. Steel demand has yet to show a significant recovery, and buyers remain cautious despite a slight decline in steel inventories among major traders.
Coke and coking coal futures remained under pressure after their recent sharp gains, reducing some of the cost support for the ferrous complex. However, coking coal supply remains relatively tight, while coke producers continue to face high raw material costs and losses, keeping the spot market fundamentally firm.
On the Dalian Commodity Exchange, the most-traded iron ore contract rose 1.32pct from the previous night session to 726.5 yuan (USD 108.1) per ton. Coke futures fell 3.75pct to 2,142 yuan (USD 319) per ton, while coking coal futures declined 3.17pct to 1,649 yuan (USD 245) per ton.
On the Shanghai Futures Exchange, HRC futures declined 0.50pct to 3,368 yuan (USD 501) per ton, while rebar futures fell 0.51pct to 3,142 yuan (USD 468) per ton. Wire rod futures decreased 0.35pct to 3,383 yuan (USD 503) per ton, while stainless steel futures increased 0.55pct to 13,825 yuan (USD 2,057) per ton.
1 USD / 6.72 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,383.00 | ▼ -0.35 | ▲ 0.06 |
| Hot Rolled Coils | 3,368.00 | ▼ -0.50 | ▲ 0.09 |
| Rebar | 3,142.00 | ▼ -0.51 | 0.00 |
| Stainless Steel | 13,825.00 | ▲ 0.55 | ▲ 0.43 |
| Iron ore | 726.50 | ▲ 1.32 | ▲ 1.72 |
| Coke | 2,142.00 | ▼ -3.75 | ▼ -1.84 |
| Coking Coal | 1,649.00 | ▼ -3.17 | ▼ -0.88 |