Iron ore futures remained nearly unchanged on Monday, rebounding from earlier losses thanks to strong industrial data. Weak steel demand fundamentals, however, limited gains.
Profits at China’s industrial companies grew in April, reaching 3.51 trillion yuan (USD 484 bln) in the first half of the year, marking a 3.5 pct YoY increase. This growth indicates a steady recovery in industrial enterprise profits, according to official data.
Nonetheless, high iron ore port-side inventory and weak steel demand, particularly due to adverse weather in several parts of China, continue to pose challenges.
On the Dalian Commodity Exchange, iron ore futures for September delivery rose slightly by 0.06 pct to 780.5 yuan (USD 107.6) per ton. Dalian coke and coking coal futures decreased by 0.89 pct and 0.67 pct to 2,069.5 yuan (USD 285) and 1,477 yuan (USD 204) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures declined by 0.39 pct to 3,363 yuan (USD 464) per ton, HRC futures dropped by 1.18 pct to 3,524 yuan (USD 486) per ton, and wire rod futures decreased by 0.73 pct to 3,382 yuan (USD 466) per ton. In contrast, stainless steel futures increased by 0.69 pct to 13,950 yuan (USD 1,924) 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 | 3,382 |
-0.73 |
-0.77 |
| HRC | 3,524 |
-1.18 |
-0.94 |
| Rebar | 3,363 |
-0.39 |
-0.24 |
| Stainless Steel | 13,950 |
0.69 |
0.65 |
| Iron Ore | 780.5 |
0.06 |
0.19 |
| Coke | 2,069.5 |
-0.89 |
-0.75 |
| Coking Coal | 1,477 |
-0.67 |
-0.71 |
