Dalian iron ore futures continued to rise on Tuesday, driven by improving fundamentals that boosted market sentiment, despite ongoing concerns about demand.
The iron ore market received support from rising steel production and short-term restocking ahead of upcoming holidays starting from January 29.
Additionally, President Donald Trump delayed the announcement of China-specific tariffs on his first day in office, though uncertainty remains about whether he will proceed with their implementation.
Reflecting cautious market sentiment, major steel producer Shagang maintained the prices of long steel products for sales between January 21 and 31, opting not to implement further cuts after two reductions earlier this month.
On the Dalian Commodity Exchange, iron ore futures rose by 0.56pct to 804.5 yuan (USD 109.9) per ton. Coke and coking coal futures also saw gains, increasing by 0.17pct to 1,770 yuan (USD 242) per ton and 0.26pct to 1,153.5 yuan (USD 158) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures fell by 0.27pct to 3,354 yuan (USD 458) per ton, and HRC futures declined by 0.27pct to 3,468 yuan (USD 474) per ton. Wire rod futures dipped by 0.08pct to 3,579 yuan (USD 489) per ton, while stainless steel futures rose by 0.27pct to 13,165 yuan (USD 1,798) per ton.
1 USD / 7.32 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,579 |
-0.08 |
0.06 |
| HRC | 3,468 |
-0.26 |
-0.12 |
| Rebar | 3,354 |
-0.27 |
0 |
| Stainless Steel | 13,165 |
0.27 |
1.44 |
| Iron Ore | 804.5 |
0.56 |
0.50 |
| Coke | 1,770 |
0.17 |
1.24 |
| Coking Coal | 1,153.5 |
0.26 |
1.26 |
