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China’s iron ore futures fell on Monday as pre-holiday restocking demand weakened, while weak steel demand continued to weigh on the market.
Market insiders said pre-holiday restocking has largely run its course, removing an important source of near-term support for iron ore prices. Steel mills remain under margin pressure, with more mills cutting or planning to cut output, pointing to weaker iron ore consumption.
Global iron ore supply remains a longer-term headwind for prices, while high port inventories continue to weigh on the market.
With the October holiday approaching, steel demand is expected to weaken further, while the lack of clear upside drivers is limiting support for iron ore prices.
On the Dalian Commodity Exchange, the most-traded iron ore contract fell 0.91 pct to 705 yuan (USD 105.1) per ton. Coking coal declined 2.44 pct to 1,457.5 yuan (USD 217) per ton, while coke fell 0.54 pct to 1,952 yuan (USD 291) per ton.
On the Shanghai Futures Exchange, HRC futures fell 0.33 pct to 3,282 yuan (USD 489) per ton, while rebar declined 0.16 pct to 3,106 yuan (USD 463) per ton. Wire rod fell 0.77 pct to 3,351 yuan (USD 499) per ton, while stainless steel rose 0.47 pct to 13,815 yuan (USD 2,059) per ton.
1 USD / 6.71 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,351.00 | ▼ -0.77 | ▼ -0.27 |
| Hot Rolled Coils | 3,282.00 | ▼ -0.33 | ▼ -0.49 |
| Rebar | 3,106.00 | ▼ -0.16 | ▼ -0.39 |
| Stainless Steel | 13,815.00 | ▲ 0.47 | 0.00 |
| Iron ore | 705.00 | ▼ -0.91 | ▼ -1.21 |
| Coke | 1,952.00 | ▼ -0.54 | ▼ -1.15 |
| Coking Coal | 1,457.50 | ▼ -2.44 | ▼ -3.53 |