Iron ore futures rose on Wednesday as Chinese steel mills increased restocking efforts ahead of the winter season, partially offsetting the weak steel demand outlook.
The market also anticipates potential policy measures from Beijing to counter U.S. President-elect Donald Trump’s proposal of an additional 10pct tariff on Chinese goods in 2025, which would compound existing duties.
However, higher port-side iron ore inventories continue to weigh on market sentiment, and the seasonal slowdown in steel demand during winter further clouds the outlook for the key steelmaking raw material.
On the Dalian Commodity Exchange, iron ore futures rose 1.08pct, closing at 792 yuan (USD 109.4) per ton. However, coke and coking coal futures extended their losses, dropping 0.78pct and 1.26pct to settle at 1,905 yuan (USD 263) and 1,258 yuan (USD 174) per ton, respectively.
In the Shanghai Futures Exchange, rebar and HRC futures traded in narrow ranges, closing at 3,309 yuan (USD 457) per ton and 3,473 yuan (USD 480) per ton. Wire rod prices declined by 0.41pct, ending at 3,603 yuan (USD 498) per ton. Stainless steel futures dropped 0.72pct, settling at 13,060 yuan (USD 1,804) 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 | 3,603 |
-0.41 |
-0.06 |
| HRC | 3,473 |
-0.06 |
-0.06 |
| Rebar | 3,309 |
-0.03 |
0.18 |
| Stainless Steel | 13,060 |
-0.72 |
-0.27 |
| Iron Ore | 792 |
1.08 |
1.14 |
| Coke | 1,905 |
-0.78 |
-0.24 |
| Coking Coal | 1,258 |
-1.26 |
-1.19 |
