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Iron ore futures fell on Monday as supply concerns eased following the reopening of Western Australia’s Port Hedland, the world’s largest iron ore hub. The port resumed operations after Tropical Cyclone Zelia passed through the Pilbara region, the operator confirmed.
Weak steel demand and rising production added further pressure on iron ore prices. However, losses were limited by improved macroeconomic indicators after data from China’s central bank showed that Chinese banks issued 5.13 trillion yuan (USD 707 bln) in new loans in January, more than four times the December level.
On the Dalian Commodity Exchange, the most-traded May iron ore contract declined 0.98pct to 806.5 yuan (USD 111.1) per ton. Meanwhile, coke and coking coal futures edged higher, rising 0.27pct and 0.05pct to 1,692.5 yuan (USD 233) and 1,089 yuan (USD 150) per ton, respectively.
In Shanghai, rebar futures gained 0.67pct to 3,290 yuan (USD 453) per ton, while HRC futures rose 0.59pct to 3,406 yuan (USD 469) per ton. Wire rod futures slipped 0.2pct to 3,529 yuan (USD 486) per ton, and stainless steel futures dipped 0.15pct to 13,045 yuan (USD 1,798) per ton.
1 USD / 7.25 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,529 |
-0.20 |
0.51 |
| HRC | 3,406 |
0.59 |
0.85 |
| Rebar | 3,290 |
0.67 |
0.85 |
| Stainless Steel | 13,045 |
-0.15 |
-0.34 |
| Iron Ore | 806.5 |
-0.92 |
-0.50 |
| Coke | 1,692.5 |
0.27 |
0.65 |
| Coking Coal | 1,089 |
0.05 |
0.37 |