Dalian iron ore futures experienced a slight uptick on Wednesday, however, the overall outlook remains uncertain due to several factors, including the ongoing Tangshan output curbs and a weakening demand for steel.
Concerns are mounting about the potential impact of Tangshan’s steel production restrictions and blast furnace maintenance undertaken by several mills on the demand for iron ore. Additionally, sentiments are dampened by signs of increasing global iron ore supply.
The September contract for iron ore on the Dalian Commodity Exchange rose by 0.73 pct, settling at 828 yuan (USD 114.6) per ton.
In contrast, Dalian coke and coking coal futures experienced declines, with coke decreasing by 1.15 pct to 2,069.5 yuan (USD 286.5) per ton and coking coal decreasing by 1.36 pct to 1,309.5 yuan (USD 181) per ton.
Rebar futures dropped by 0.53 pct to 3,751 yuan (USD 519) per ton, while HRC futures decreased by 0.44 pct to 3,851 yuan (USD 533) per ton. Wire rod futures declined by 0.74 pct, reaching 4,225 yuan (USD 585) per ton. However, there was a slight increase of 0.31 pct in stainless steel futures, which settled at 14,740 yuan (USD 2,041) per ton.
1 USD / 7.22 yuan
