Iron ore futures fell on Thursday as a deteriorating outlook for Chinese steel exports fueled demand concerns.
Key markets for Chinese steel, including Vietnam and South Korea, recently announced anti-dumping measures against Chinese steel products. This follows U.S. President Trump’s decision to impose a 25pct tariff on Chinese goods, further dampening export prospects.
However, rising steel production helped limit losses. According to the China Iron and Steel Association (CISA), daily crude steel output at its member mills increased by 0.8pct to 2.15 mln tons between February 11-20 compared to the previous ten-day period.
Firm domestic demand and optimism ahead of the upcoming National People’s Congress, where Chinese policymakers are expected to adopt a more pro-growth stance, also provided support.
Steel futures received an additional boost yesterday amid speculation that the government may implement significant production cuts, suggesting reductions of 50 mln tons in 2025 and 20 mln tons in 2026.
On the Dalian Commodity Exchange, the most-traded May iron ore contract fell 0.8pct to 805 yuan (USD 110.9) per ton. Meanwhile, coke and coking coal futures rose by 0.75pct and 0.87pct, reaching 1,682 yuan (USD 232) and 1,097.5 yuan (USD 151) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures gained 0.48pct to 3,329 yuan (USD 459) per ton, while HRC futures rose 0.35pct to 3,421 yuan (USD 471) per ton. Wire rod futures increased 0.54pct to 3,535 yuan (USD 487) per ton, and stainless steel futures climbed 0.69pct to 13,215 yuan (USD 1,821) per ton.
1 USD / 7.25 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,535 |
0.54 |
0.20 |
| HRC | 3,421 |
0.35 |
-0.32 |
| Rebar | 3,329 |
0.48 |
-0.30 |
| Stainless Steel | 13,215 |
0.69 |
0.38 |
| Iron Ore | 805 |
-0.80 |
-0.87 |
| Coke | 1,682 |
0.75 |
0.98 |
| Coking Coal | 1,097.5 |
0.87 |
0.87 |
