Iron ore futures rose on Monday, while coking coal prices surged, supported by rising energy and freight costs driven by ongoing Middle East tensions.
The Middle East conflict has significantly disrupted natural gas and LNG supplies, particularly following attacks on key export facilities, prompting some countries to shift back to coal. This has tightened global coal availability and provided further support to coking coal prices. Increased open interest in coking coal futures also indicates fresh buying interest, reflecting strong bullish sentiment in the market.
Shipping costs have also risen sharply due to war risk surcharges and longer trade routes, adding upward pressure on steel and raw material prices.
In addition, improving steel production has supported iron ore consumption, lending further support to prices, analysts said.
On the Dalian Commodity Exchange, the most-traded May iron ore contract rose 0.92pct to 819 yuan (USD 118.8) per ton. Coking coal and coke futures surged 10.97pct and 6.92pct to 1,289.5 yuan (USD 187) and 1,847 yuan (USD 268) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures increased 0.9pct to 3,154 yuan (USD 458) per ton, while HRC futures rose 0.97pct to 3,330 yuan (USD 483) per ton. Wire rod futures advanced 1.86pct to 3,336 yuan (USD 484), and stainless steel futures edged up to 14,035 yuan (USD 2,037) per ton.
1 USD / 6.89 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,336.00 | ▲ 1.86 | ▲ 1.71 |
| Hot Rolled Coils | 3,330.00 | ▲ 0.97 | ▲ 0.84 |
| Rebar | 3,154.00 | ▲ 0.90 | ▲ 0.60 |
| Stainless Steel | 14,035.00 | ▲ 0.25 | ▲ 1.28 |
| Iron ore | 819.00 | ▲ 0.92 | ▲ 1.40 |
| Coke | 1,847.00 | ▲ 6.92 | ▲ 6.82 |
| Coking Coal | 1,289.50 | ▲ 10.97 | ▲ 10.08 |
