Iron ore futures fell for a fifth consecutive session on Friday as a bearish demand outlook continued to weigh on market sentiment.
Iron ore futures also dropped 6pct compared to the previous Friday’s morning session close, marking a second consecutive weekly loss.
Falling steel prices and weak demand are prompting steel producers to cut output by scheduling maintenance, further reducing iron ore demand. Additionally, higher port-side iron ore inventories and the ongoing property sector crisis are adding pressure on prices.
On the Dalian Commodity Exchange, the most-traded iron ore futures contract declined by 0.99pct to 697 yuan (USD 97.4) per ton. Dalian coke also fell by 2.3pct to 1,825.5 yuan (USD 255) per ton, while coking coal futures gained 1.47pct to 1,342.5 yuan (USD 188) per ton.
On the Shanghai Futures Exchange, rebar futures edged down 0.71pct to 3,078 yuan (USD 430) per ton, HRC futures fell 1.8pct to 3,161 yuan (USD 442) per ton, and wire rod futures decreased 0.13pct to 3,090 yuan (USD 432) per ton. However, stainless steel futures rose 0.52pct to 13,655 yuan (USD 1,909) per ton.
1 USD / 7.15 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,090 |
-0.13 |
-0.78 |
| HRC | 3,161 |
-1.80 |
-1.93 |
| Rebar | 3,078 |
-0.71 |
-1.33 |
| Stainless Steel | 13,655 |
0.52 |
0.26 |
| Iron Ore | 697 |
-0.99 |
-0.93 |
| Coke | 1,825.5 |
-2.30 |
-2.93 |
| Coking Coal | 1,342.5 |
1.47 |
-1.86 |
