Iron ore futures extended gains on Thursday, supported by optimism that Beijing may introduce new economic stimulus measures during an ongoing policy meeting this week.
The four-day meeting of the Communist Party’s Central Committee is expected to approve the next five-year plan, and traders are hoping it will include steps to bolster growth. Sentiment also improved on expectations that trade tensions between the U.S. and China could ease, as senior officials from both nations are scheduled to meet next week in Malaysia. The current trade truce between the two sides expires on November 10, raising hopes of an extension despite recent tit-for-tat measures.
In the physical steel market, fundamentals remain mixed. Some market participants reported improved sentiment on the back of improved long steel sales, but HRC inventories continue to build up. Falling finished steel prices are also weighing on mill margins, which could prompt production cuts and reduce iron ore demand.
On the Dalian Commodity Exchange, the most-traded January iron ore contract rose 0.39pct to 777 yuan (USD 109) per ton. Coking coal surged 5.14pct to 1,258.5 yuan (USD 177), while coke gained 4.21pct to 1,768 yuan (USD 248) per ton, amid supply concerns linked to mine safety inspections.
On the Shanghai Futures Exchange, rebar futures increased 0.43pct to 3,071 yuan (USD 431) per ton, and HRC rose 0.65pct to 3,256 yuan (USD 457). Wire rod slipped 0.12pct to 3,344 yuan (USD 470), while stainless steel added 0.55pct to 12,765 yuan (USD 1,792) per ton.
1 USD / 7.12 yuan
CHINESE STEEL FUTURES
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Date: 10/23/2025 |
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| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,344 |
-0.12 |
0.06 |
| HRC | 3,256 |
0.65 |
0.28 |
| Rebar | 3,071 |
0.43 |
0.10 |
| Stainless Steel | 12,765 |
0.55 |
0.43 |
| Iron Ore | 777 |
0.39 |
0.39 |
| Coke | 1,768 |
4.21 |
3.31 |
| Coking Coal | 1,258.5 |
5.14 |
3.89 |
