Iron ore futures fell on Friday as market sentiments remained negative due to potential steel output curbs and a slowdown in steel demand, which continued to pressure the futures market.
Other raw material and steel futures also declined on Friday, reflecting the country’s economic challenges, partly caused by the troubled property, which fueled concerns about the iron ore demand outlook.
The market is now hoping that China will announce new domestic consumption stimulus measures that could provide support to steelmaking raw materials and steel markets. The Chinese Communist Party’s central committee is set to gather in July for a key meeting known as a plenum.
China’s major steelmaker Shagang reduced listed prices of its long steel products for sales over June 21-30, reflecting the weak steel demand.
On the Dalian Commodity Exchange, iron ore futures for September delivery ended daytime trading with a decline of 1.7pct to 811.5 yuan (USD 111.7) per ton. Dalian coke and coking coal futures also fell by 1.99pct and 1.89pct, respectively, to 2,215 yuan (USD 305) per ton and 1,560 yuan (USD 215) per ton.
On the Shanghai Futures Exchange, rebar futures declined by 1.19pct to 3,563 yuan (USD 491) per ton, while HRC futures dropped by 0.77pct to 3,753 yuan (USD 517) per ton. Wire rod futures decreased by 1.51pct to 3,788 yuan (USD 522) per ton. Stainless steel futures dropped by 0.75pct to 13,855 yuan (USD 1,908) per ton.
1 USD / 7.26 yuan
| Material | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
| Wire Rod | 3,788 | -1.51 | -1.69 |
| HRC | 3,753 | -0.77 | -0.61 |
| Rebar | 3,563 | -1.19 | -0.95 |
| Stainless Steel | 13,855 | -0.75 | -0.87 |
| Iron Ore | 811.5 | -1.70 | -1.60 |
| Coke | 2,215 | -1.99 | -1.56 |
| Coking Coal | 1,560 | -1.89 | -1.76 |
