Iron ore futures rose on Monday as improving market fundamentals boosted sentiment, despite renewed tariff threats from U.S. President Trump.
Trump announced plans to impose new 25pct tariffs on all steel and aluminum imports into the U.S., adding to existing duties. This initially pressured commodity markets in the morning session.
However, rising steel production and weather-related disruptions in a key iron ore-exporting country supported iron ore futures. Daily crude steel output at member mills of the China Iron and Steel Association (CISA) increased further between January 21-31, rising 1.8pct from the mid-January period to an average of 2.11 mln tons per day.
Supply disruptions in Australia also contributed to gains in iron ore futures. Strong winds, heavy rain, and storms affected iron ore and coal operations in northern Australia, with flood warnings issued that could further impact shipments this quarter.
On the Dalian Commodity Exchange, iron ore futures rose 0.79pct to 826.5 yuan (USD 113.3) per ton. Coke and coking coal futures were mixed, with coke futures falling 1.72pct to 1,746 yuan (USD 240), while coking coal edged up 0.13pct to 1,147 yuan (USD 157) per ton.
On the Shanghai Futures Exchange, rebar futures declined 0.89pct to 3,331 yuan (USD 457) per ton, while HRC futures dropped 0.49pct to 3,436 yuan (USD 471) per ton. Wire rod futures fell 0.53pct to 3,597 yuan (USD 493) per ton, and stainless steel futures slipped 0.48pct to 13,340 yuan (USD 1,830) per ton.
1 USD / 7.28 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,597 |
-0.53 |
0.72 |
| HRC | 3,436 |
-0.49 |
-0.38 |
| Rebar | 3,331 |
-0.89 |
-0.63 |
| Stainless Steel | 13,340 |
-0.48 |
-0.45 |
| Iron Ore | 826.5 |
0.79 |
1.15 |
| Coke | 1,746 |
-1.72 |
-2.32 |
| Coking Coal | 1,147 |
0.13 |
-0.57 |
