Iron ore futures dipped on Thursday as market sentiment weakened following the latest U.S. tariff announcement.
Global stock markets plunged after U.S. President Donald Trump imposed tariffs on nearly all imports, heightening fears of a trade war that could slow global economic growth. Chinese imports will now face a total tariff of 54pct, including a new 34pct levy on top of the previously imposed 20pct. In response, Beijing has vowed to implement countermeasures to protect its interests.
Despite these concerns, losses in the iron ore market were limited. Strong domestic steel demand, driven by peak construction season, helped offset some of the impact. This was evident in the continued weekly decline in finished steel stock levels at major Chinese warehouses and improved profit margins for steel mills, prompting higher production.
China’s financial markets will be closed on Friday for the Qingming Festival and will resume trading on Monday.
On the Dalian Commodity Exchange (DCE), the most-traded May iron ore contract edged down 0.32pct to 788.5 yuan (USD 108.4) per ton. Coke and coking coal futures also declined, falling 0.64pct and 0.2pct, respectively, to 1,628.5 yuan (USD 224) and 1,001 yuan (USD 138) per ton.
On the Shanghai Futures Exchange, rebar futures rose 0.19pct to 3,164 yuan (USD 435) per ton, while HRC futures slipped 0.63pct to 3,337 yuan (USD 459) per ton. Wire rod futures climbed 0.38pct to 3,412 yuan (USD 469) per ton, while stainless steel futures dropped 0.92pct to 13,430 yuan (USD 1,847) 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 | 3,412 |
0.38 |
0.06 |
| HRC | 3,337 |
-0.63 |
-0.45 |
| Rebar | 3,164 |
-0.19 |
-0.06 |
| Stainless Steel | 13,430 |
-0.92 |
-0.97 |
| Iron Ore | 788.5 |
-0.32 |
-0.38 |
| Coke | 1,628.5 |
-0.64 |
-0.49 |
| Coking Coal | 1,001 |
-0.20 |
-0.05 |