Iron ore futures fell on Monday as weak steel output and struggling property data in China raised concerns about demand for the key steelmaking raw material.
According to China’s National Bureau of Statistics (NBS), crude steel production dropped 1.5pct YoY to 166.3 mln tons in the first two months of 2025. However, analysts anticipate a rebound this month, driven by seasonal demand as spring construction activity picks up.
Meanwhile, China’s new-home prices fell again in February despite government stimulus efforts, declining by 5pct compared to a 5.4pct drop the previous month. The country’s debt-laden property sector, a major steel consumer, has struggled to recover since 2021, weighing on both the steel industry and the broader economy. Additionally, rising global protectionist measures against Chinese steel exports and ongoing U.S.-China trade tensions further dampened market sentiment.
On the Dalian Commodity Exchange, the most-traded May iron ore contract dropped 1.14pct to 778.5 yuan (USD 107.6) per ton, while coke and coking coal futures fell 1.22pct and 1.85pct, settling at 1,614.5 yuan (USD 223) and 1,061.5 yuan (USD 147) per ton, respectively.
Over on the Shanghai Futures Exchange, rebar futures declined 1.23pct to 3,217 yuan (USD 445) per ton, HRC futures fell 1.17pct to 3,386 yuan (USD 468) per ton, and wire rod futures dropped 1.3pct to 3,421 yuan (USD 473) per ton. Stainless steel futures, however, inched up 0.22pct to 13,650 yuan (USD 1,887) 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 | 3,421 |
-1.30 |
-1.46 |
| HRC | 3,386 |
-1.17 |
-1.68 |
| Rebar | 3,217 |
-1.23 |
-1.55 |
| Stainless Steel | 13,650 |
0.22 |
0.26 |
| Iron Ore | 778.5 |
-1.14 |
-1.99 |
| Coke | 1,614.5 |
-1.22 |
-1.73 |
| Coking Coal | 1,061.5 |
-1.85 |
-2.50 |