Iron ore futures extended losses on Tuesday as market sentiment remained weak due to anti-dumping duties on Chinese steel imposed by key buyers and a recovery in iron ore supply.
Concerns over steel demand resurfaced after Vietnam and South Korea recently imposed anti-dumping duties on Chinese HRC and heavy plates, along with investigations by other countries into Chinese steel, likely to impact China’s steel exports this year. Meanwhile, the recovery in iron ore shipments, following weather-related disruptions in Australia, further weighed on market sentiment.
However, some optimism remains ahead of the upcoming National People’s Congress, where analysts expect Beijing to announce ambitious economic growth targets supported by fiscal and monetary stimulus, which could lift steel futures out of their bearish trend. Additionally, market insiders noted that steel inventories in major domestic warehouses remain low, reflecting steady demand from downstream sectors.
On the Dalian Commodity Exchange, the most-traded May iron ore contract dropped 2.17pct to 813 yuan (USD 112.1) per ton. Coke and coking coal futures also declined, falling 2.25pct to 1,672 yuan (USD 231) per ton and 2.47pct to 1,085 yuan (USD 150) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures slipped 1.95pct to 3,273 yuan (USD 452) per ton, while hot-rolled coil futures fell 1.55pct to 3,376 yuan (USD 466) per ton. Wire rod futures were down 0.9pct to 3,514 yuan (USD 485) per ton, and stainless steel futures dipped 0.76pct to 13,130 yuan (USD 1,811) per ton.
1 USD / 7.24 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,514 |
-0.90 |
-0.63 |
| HRC | 3,376 |
-1.55 |
-2.78 |
| Rebar | 3,273 |
-1.95 |
-2.69 |
| Stainless Steel | 13,130 |
-0.76 |
-0.76 |
| Iron Ore | 813 |
-2.17 |
-3.14 |
| Coke | 1,672 |
-2.25 |
-4.67 |
| Coking Coal | 1,085 |
-2.47 |
-4.15 |
