Iron ore futures rose on Thursday, driven by concerns over supply disruptions in Australia.
Rio Tinto, a major iron ore supplier, announced that it had begun clearing vessels from two Western Australian ports as it worked to repair infrastructure damaged by a cyclone last month. The situation has been further complicated by the arrival of two additional tropical cyclones. Western Australia’s cyclone season typically runs from November to April.
Steel demand trends are expected to become clearer next week as more downstream users resume operations. Reflecting cautious market sentiment, China’s leading steel producer, Shagang, kept its domestic prices unchanged for sales from February 1 to February 10.
On the Dalian Commodity Exchange, iron ore futures climbed 1.43pct to 817.5 yuan (USD 112.4) per ton. Coke and coking coal futures also gained, rising 0.78pct and 1.3pct to 1,745.5 yuan (USD 240) and 1,126.5 yuan (USD 155) per ton, respectively.
In the Shanghai Futures Exchange, rebar futures rose 0.6pct to 3,357 yuan (USD 462) per ton, while HRC futures increased 0.67pct to 3,452 yuan (USD 475) per ton. Wire rod futures advanced 0.79pct to 3,590 yuan (USD 494) per ton, and stainless steel futures gained 0.67pct to 13,440 yuan (USD 1,849) per ton.
1 USD / 7.26 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,590 |
0.79 |
1.09 |
| HRC | 3,452 |
0.67 |
1.04 |
| Rebar | 3,357 |
0.60 |
1.10 |
| Stainless Steel | 13,440 |
0.67 |
0.52 |
| Iron Ore | 817.5 |
1.43 |
2.02 |
| Coke | 1,745.5 |
0.78 |
1.92 |
| Coking Coal | 1,126.5 |
1.30 |
2.49 |
