Iron ore futures climbed on Tuesday, buoyed by market optimism over potential additional stimulus measures. Positive sentiment was sparked by a press briefing from China’s top economic planner, which raised expectations for policy initiatives to meet the country’s annual GDP growth target of 5pct.
The National Development and Reform Commission (NDRC) stated that China’s economy is likely to sustain its recovery momentum in November and December. The NDRC also noted ongoing efforts to ensure full-year growth targets are met, with GDP expanding 4.8pct YoY in the first three quarters of 2024.
Despite this, fundamentals in the iron ore and steel markets remain weak. High iron ore inventories at major Chinese ports and subdued steel demand continue to weigh on the sector’s recovery.
On the Dalian Commodity Exchange, the most-active iron ore contract rose 3.05pct to 776 yuan (USD 107.1) per ton. Coke and coking coal futures also gained, advancing 1.46pct and 1.69pct to 1,944.5 yuan (USD 269) and 1,293 yuan (USD 179) per ton, respectively.
In Shanghai, rebar futures increased by 1.84pct to 3,322 yuan (USD 459) per ton, while HRC gained 1.19pct to 3,495 yuan (USD 483) per ton. Wire rod futures edged up 0.59pct to 3,606 yuan (USD 498) per ton, and stainless steel futures added 0.57pct to 13,330 yuan (USD 1,841) per ton.
1 USD / 7.23 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,606 |
0.59 |
0.75 |
| HRC | 3,495 |
1.19 |
0.69 |
| Rebar | 3,322 |
1.84 |
1.29 |
| Stainless Steel | 13,330 |
0.57 |
0.15 |
| Iron Ore | 776 |
3.05 |
1.93 |
| Coke | 1,944.5 |
1.46 |
1.11 |
| Coking Coal | 1,293 |
1.69 |
1.28 |
