Iron ore futures gained on Thursday, driven by stimulus hopes despite ongoing demand concerns.
The optimism was fueled by the US central bank’s decision to cut interest rates for the first time in over four years. Analysts anticipate that China’s central bank may also introduce further easing measures to stimulate demand following recent weak economic data.
Iron ore futures were further supported by a weekly decline in iron ore and steel inventories in China. However, the long-term demand outlook remains uncertain due to weak margins at steel mills and elevated port-side inventories.
On the Dalian Commodity Exchange, the most-traded iron ore contract rose 1.69pct to 693 yuan (USD 97.7) per ton. Coke and coking coal futures also advanced, with gains of 2.71pct and 2.3pct, respectively, to 1,914.5 yuan (USD 270) and 1,291 yuan (USD 182) per ton.
In the Shanghai Futures Exchange, rebar futures increased by 1.14pct to 3,206 yuan (USD 452) per ton, HRC futures rose by 1.03pct to 3,249 yuan (USD 458) per ton, wire rod futures climbed 2.6pct to 3,571 yuan (USD 504) per ton, and stainless steel futures edged up 0.94pct to 13,460 yuan (USD 1,899) per ton.
1 USD / 7.08 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,571 |
2.26 |
2.35 |
| HRC | 3,249 |
1.03 |
1.63 |
| Rebar | 3,206 |
1.14 |
1.75 |
| Stainless Steel | 13,460 |
0.94 |
0.67 |
| Iron Ore | 693 |
1.69 |
2.60 |
| Coke | 1,914.5 |
2.71 |
3.00 |
| Coking Coal | 1,291 |
2.30 |
2.25 |
