Iron ore futures fell on Wednesday as a cautious sentiment gripped the market ahead of the holidays. The decline was fueled by comments from former U.S. President Donald Trump about potentially imposing a 10pct tariff on Chinese imports, creating uncertainty in trade policies.
Although Trump refrained from immediately imposing tariffs upon his inauguration, which initially supported prices on Tuesday, his later remarks about ongoing discussions for punitive duties caused market sentiment to waver.
Additionally, steel trade activity in China’s domestic market reportedly slowed as the country prepares for holidays starting February 29, 2025.
On the Dalian Commodity Exchange, iron ore futures dropped by 0.44pct to 800.5 yuan (USD 109.3) per ton, while coke and coking coal futures decreased by 0.37pct and 0.82pct, closing at 1,759 yuan (USD 240) per ton and 1,143.5 yuan (USD 156) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures declined by 0.77pct to 3,337 yuan (USD 456) per ton, and HRC futures fell by 0.72pct to 3,450 yuan (USD 471) per ton. Conversely, wire rod futures rose by 0.56pct to 3,584 yuan (USD 490) per ton, and stainless steel futures increased by 0.53pct to 13,170 yuan (USD 1,799) 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 | 3,584 |
0.56 |
0.14 |
| HRC | 3,450 |
-0.72 |
-0.52 |
| Rebar | 3,337 |
-0.77 |
-0.51 |
| Stainless Steel | 13,170 |
0.53 |
0.04 |
| Iron Ore | 800.5 |
-0.44 |
-0.50 |
| Coke | 1,759 |
-0.37 |
-0.63 |
| Coking Coal | 1,143.5 |
-0.82 |
-0.87 |
