Iron ore futures rose on Wednesday, supported by fresh stimulus measures from Beijing, though concerns over long-term demand continue to persist.
Chinese authorities announced a series of economic support steps, including interest rate cuts and a significant liquidity injection, as part of efforts to mitigate the impact of ongoing trade tensions with the United States.
However, the outlook for iron ore remains uncertain amid potential output curbs, a likely decline in steel exports due to rising protectionist policies, and a seasonal slowdown in domestic steel demand during the summer construction lull.
On the Dalian Commodity Exchange, the most-active September iron ore contract climbed 0.35pct to 708 yuan (USD 97.8) per ton. In contrast, coke and coking coal futures declined by 0.66pct and 0.77pct, settling at 1,507 yuan (USD 208) and 908 yuan (USD 125) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures inched up 0.19pct to 3,098 yuan (USD 427), while HRC futures rose 0.34pct to 3,217 yuan (USD 444) per ton. Wire rod slipped 0.26pct to 3,440 yuan (USD 475), and stainless steel edged up 0.08pct to 12,710 yuan (USD 1,756) per ton.
1 USD / 7.23 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,440 |
-0.26 |
-0.44 |
| HRC | 3,217 |
0.34 |
0.65 |
| Rebar | 3,098 |
0.19 |
0.68 |
| Stainless Steel | 12,710 |
0.08 |
-0.20 |
| Iron Ore | 708 |
0.35 |
0.49 |
| Coke | 1,507 |
-0.66 |
0.33 |
| Coking Coal | 908 |
-0.77 |
-0.39 |