Iron ore futures traded in a narrow range on Wednesday, as the market weighed mixed signals. While higher steel production and encouraging economic data lent some support, lingering trade tensions between China and the United States continued to cloud the demand outlook.
According to the China Iron and Steel Association (CISA), daily crude steel output among its member mills rose by 3.4pct in early April compared with late March, averaging 2.2 mln tons per day. This also marked a 4pct YoY increase. Separately, data from the National Bureau of Statistics showed that China’s crude steel production in March rose 4.6pct YoY.
On the supply side, reduced output and shipments from major miners such as Rio Tinto and Vale helped limit losses in iron ore prices.
China also posted strong economic growth in the first quarter of 2025, with GDP rising 5.4pct. However, escalating tensions between Beijing and Washington cast uncertainty over future economic prospects. Analysts warn that without substantial stimulus to boost domestic consumption, China may find it difficult to sustain its momentum and meet the full-year growth target of around 5pct.
On the Dalian Commodity Exchange, the most-traded September iron ore contract edged down 0.14pct to 708 yuan (USD 96.9) per ton. Coke and coking coal futures declined by 1.17pct and 2.52pct, settling at 1,566 yuan (USD 214) and 966 yuan (USD 132) per ton, respectively. Coke and coking coal most traded futures shift to September delivery.
Meanwhile, on the Shanghai Futures Exchange, rebar and HRC futures fell by more than 1pct, closing at 3,093 yuan (USD 423) and 3,205 yuan (USD 439) per ton. Wire rod prices dropped 0.72pct to 3,326 yuan (USD 455), while stainless steel futures slipped 0.08pct to 12,820 yuan (USD 1,755) per ton.
1 USD / 7.3 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,326 |
-0.72 |
-0.30 |
| HRC | 3,205 |
-1.05 |
-0.72 |
| Rebar | 3,093 |
-1.06 |
-0.94 |
| Stainless Steel | 12,820 |
-0.08 |
-0.31 |
| Iron Ore | 708 |
-0.14 |
-0.71 |
| Coke | 1,566 |
-1.17 |
-0.06 |
| Coking Coal | 966 |
-2.52 |
6.00 |