Dalian iron ore futures remained largely unchanged on Friday as concerns over demand continued to weigh on market sentiment. Weak economic growth and ongoing troubles in the property sector have led to cautiousness about the outlook for iron ore and steel demand.
Analysts noted that higher port-side iron ore inventories and weak margins at steel mills are adding pressure to the demand outlook. While steel demand in the country has shown some improvement, any significant increase in steel production could push prices lower due to potential oversupply.
The most-traded iron ore contract on the Dalian Commodity Exchange slipped slightly by 0.07pct to 684 yuan (USD 96.3) per ton, though it posted gains compared to the previous morning’s closing price.
Meanwhile, Dalian coke and coking coal futures extended losses, down by 1.8pct and 1.76pct, respectively, to 1,797.5 yuan (USD 253) per ton and 1,231.5 yuan (USD 173) per ton.
On the Shanghai Futures Exchange, rebar futures dropped 1.83pct to 3,051 yuan (USD 430) per ton, while HRC futures fell 1.99pct to 3,096 yuan (USD 436) per ton. In contrast, wire rod futures rose by 0.45pct to 3,379 yuan (USD 476) per ton, and stainless steel futures edged down 0.26pct to 13,465 yuan (USD 1,897) per ton.
1 USD / 7.09 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,379 |
0.45 |
0.74 |
| HRC | 3,096 |
-1.99 |
-0.97 |
| Rebar | 3,051 |
-1.83 |
-1.05 |
| Stainless Steel | 13,465 |
-0.26 |
-0.11 |
| Iron Ore | 684 |
-0.07 |
0.80 |
| Coke | 1,797.5 |
-1.80 |
-1.00 |
| Coking Coal | 1,231.5 |
-1.76 |
-0.53 |
