Iron ore futures fell further on Wednesday, weighed down by concerns over weak demand and broader market headwinds.
A key drag on sentiment is the escalating trade tension between the U.S. and China. Both countries have introduced new port fees on each other’s vessels, while Beijing recently tightened controls on rare earth exports. In response, U.S. President Donald Trump threatened to impose an additional 100pct tariff on Chinese goods.
Although steel production remains strong, sluggish demand is evident in rising steel inventories at major domestic warehouses. This is pressuring steel prices, squeezing margins at Chinese mills, and clouding near-term prospects for iron ore consumption.
In the short term, however, demand for ore is supported by elevated steel output. According to the China Iron and Steel Association (CISA), daily crude steel production among member mills in early October rose 7.5pct YoY compared with the previous ten-day period, though it was down 0.9pct from a year earlier.
Market participants are also awaiting fresh policy signals from Beijing. Authorities are expected to outline the scope of the next five-year development plan at an important meeting later this month, raising hopes for measures to stimulate growth. Expectations have heightened following recent data showing China’s consumer prices fell 0.3pct YoY in September 2025, the sharpest drop in six months.
On the Dalian Commodity Exchange, the most-traded January iron ore contract slipped 1.46pct to 776.5 yuan (USD 108.9) per ton. Coking coal futures gained 1.01pct to 1,151 yuan (USD 161), while coke edged up 0.34pct to 1,642 yuan (USD 230) per ton.
On the Shanghai Futures Exchange, rebar fell 0.85pct to 3,034 yuan (USD 426), HRC dipped 0.86pct to 3,212 yuan (USD 451), and stainless steel eased 0.24pct to 12,560 yuan (USD 1,762) per ton. Wire rod, however, gained 0.45pct to 3,344 yuan (USD 469) per ton.
1 USD / 7.12 yuan
CHINESE STEEL FUTURES
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Date: 10/15/2025 |
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| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,344 |
0.45 |
0.12 |
| HRC | 3,212 |
-0.86 |
-0.90 |
| Rebar | 3,034 |
-0.85 |
-0.89 |
| Stainless Steel | 12,560 |
-0.24 |
-0.04 |
| Iron Ore | 776.5 |
-1.46 |
-0.71 |
| Coke | 1,642 |
0.34 |
-0.76 |
| Coking Coal | 1,151 |
1.01 |
-0.22 |
