Iron ore futures edged higher on Friday as the market remained cautious amid slowing demand, despite the recent stimulus measures announced by Beijing.
The iron ore market continues to face challenges due to high port inventories and seasonal slowdown in steel demand.
Earlier this week, the market found some support when Beijing expanded its consumer trade-in scheme to boost demand in the sluggish household sector. However, analysts warn that these measures may not fully compensate for the decline in steel demand from the troubled property sector.
On the Dalian Commodity Exchange, iron ore futures increased by 0.4pct to 753.5 yuan (USD 102.7) per ton. In contrast, coke and coking coal futures fell by 0.62pct and 1.19pct to 1,681.5 yuan (USD 229) per ton and 1,083.5 yuan (USD 148) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures rose by 0.16pct to 3,206 yuan (USD 437) per ton, while HRC futures increased by 0.15pct to 3,314 yuan (USD 452) per ton. Wire rod futures climbed by 0.17pct to 3,514 yuan (USD 479) per ton, while stainless steel futures edged lower by 0.04pct to 13,125 yuan (USD 1,790) per ton.
1 USD / 7.33 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,514 |
0.17 |
0.06 |
| HRC | 3,314 |
0.15 |
0.03 |
| Rebar | 3,206 |
0.16 |
0.03 |
| Stainless Steel | 13,125 |
-0.04 |
-0.42 |
| Iron Ore | 753.5 |
0.4 |
-0.13 |
| Coke | 1,681.5 |
-0.62 |
-0.92 |
| Coking Coal | 1,083.5 |
-1.19 |
-1.25 |
