Dalian iron ore futures closed largely unchanged on Thursday, as firm near-term steel demand offset pressure from high port-side iron ore inventories and concerns over slowing steel production growth in China.
Investors are also closely monitored the outcome of U.S. President Donald Trump’s visit to Beijing for talks with Chinese President Xi Jinping.
Chinese steel traders said finished steel prices and spot demand remained stable, while inventories of major steel products at key warehouses continued to decline.
However, high port-side iron ore inventories and concerns that Chinese steel production may be nearing peak levels continued to limit upside momentum in the iron ore market.
Market sources noted that further increases in steel prices could weaken buying activity, potentially pressuring steel mill margins and iron ore consumption. However, traders said the market currently remains relatively balanced as it awaits clearer macroeconomic signals.
On the Dalian Commodity Exchange, the most-traded September iron ore contract closed unchanged at 817 yuan (USD 120.4) per ton. Coking coal and coke futures rose by 0.57pct and 1.19pct to 1,242.5 yuan (USD 183) and 1,826.5 yuan (USD 269) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures edged up by 0.15pct to 3,255 yuan (USD 480) per ton, while HRC futures increased by 0.26pct to 3,478 yuan (USD 513) per ton. Wire rod futures declined by 0.38pct to 3,370 yuan (USD 497) per ton, while stainless steel futures fell by 1.36pct to 14,895 yuan (USD 2,195) per ton.
1 USD / 6.78 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,370.00 | ▼ -0.38 | ▼ -0.80 |
| Hot Rolled Coils | 3,478.00 | ▲ 0.26 | ▼ -0.09 |
| Rebar | 3,255.00 | ▲ 0.15 | ▼ -0.06 |
| Stainless Steel | 14,895.00 | ▼ -1.36 | ▼ -1.95 |
| Iron ore | 817.00 | 0.00 | ▼ -0.37 |
| Coke | 1,826.50 | ▲ 1.19 | ▲ 0.57 |
| Coking Coal | 1,242.50 | ▲ 0.57 | ▼ -0.12 |