Iron ore futures extended their losses on Wednesday due to a dim demand outlook driven by weak steel demand.
Analysts expect that reduced steel profitability may lead mills to cut operations and limit production. Rising iron ore imports, which hit a six-month high in July 2024, along with increasing port-side inventories, are contributing to a bearish demand outlook for iron ore.
On the Dalian Commodity Exchange, iron ore futures for January 2025 delivery fell by 2.41pct to 749 yuan (USD 104.8) per ton. Dalian coke dropped 0.6pct to 1,994 yuan (USD 279) per ton, while coking coal futures remained unchanged at 1,412 yuan (USD 198) per ton.
On the Shanghai Futures Exchange, rebar futures decreased by 0.96pct to 3,304 yuan (USD 463) per ton, HRC futures fell by 0.66pct to 3,481 yuan (USD 487) per ton, and wire rod futures plunged 4.17pct to 3,313 yuan (USD 464) per ton. Stainless steel futures also declined by 0.39pct to 13,885 yuan (USD 1,945) per ton.
1 USD / 7.14 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,313 |
-4.17 |
-4.38 |
| HRC | 3,481 |
-0.66 |
-0.17 |
| Rebar | 3,304 |
-0.96 |
-0.06 |
| Stainless Steel | 13,885 |
-0.39 |
-0.11 |
| Iron Ore | 773 |
-1.78 |
1.29 |
| Coke | 1,994 |
-0.60 |
0.10 |
| Coking Coal | 1,412 |
0 |
0.71 |
