Iron ore futures inched up on Friday, driven by expectations of stimulus despite weak fundamentals.
Commodity markets are anticipating the announcement of stimulus measures at a key government meeting next week, following a series of disappointing economic data releases this week. However, iron ore and steel markets remain under pressure due to weak demand and a bearish outlook.
On the Dalian Commodity Exchange, iron ore futures for September delivery increased by 0.3pct to 827 yuan (USD 113.8) per ton. Dalian coke and coking coal futures also rose by 0.56pct and 0.96pct, respectively, to 2,244 yuan (USD 309) and 1,571 yuan (USD 216) per ton.
Meanwhile, on the Shanghai Futures Exchange, rebar futures grew by 0.51pct to 3,523 yuan (USD 485) per ton. HRC futures increased by 0.27pct to 3,709 yuan (USD 510) per ton. Wire rod futures decreased by 0.27pct to 3,682 yuan (USD 507) per ton. Stainless steel futures rose by 0.18pct to 13,905 yuan (USD 1,914) 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 | 3,682 |
-0.27 |
-0.22 |
| HRC | 3,709 |
0.27 |
0.16 |
| Rebar | 3,523 |
0.51 |
0.26 |
| Stainless Steel | 13,905 |
0.18 |
0.25 |
| Iron Ore | 827 |
0.30 |
-0.12 |
| Coke | 2,244 |
0.56 |
0.53 |
| Coking Coal | 1,571 |
0.96 |
0.70 |
