Iron ore futures surged on Thursday, driven by strong steel demand and improved market sentiment.
According to market insiders, domestic steel demand remains robust, particularly in the rebar segment, where trades have risen sharply this week. This surge reflects a recovery in downstream demand following a lull in recent weeks. The strong steel market has also pushed iron ore prices higher in the physical market.
Additionally, investors are optimistic about potential stimulus measures from the upcoming 14th National People’s Congress next month, further boosting sentiment.
On the Dalian Commodity Exchange, the most-traded May iron ore contract rose 2.26pct to 837 yuan (USD 114.9) per ton. Coke and coking coal futures also gained, climbing 2.62pct and 2.89pct to 1,742 yuan (USD 239) and 1,121 yuan (USD 154) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures increased 1.24pct to 3,358 yuan (USD 461) per ton, while HRC futures rose 1.02pct to 3,468 yuan (USD 476) per ton. Wire rod futures edged up 0.26pct to 3,537 yuan (USD 486) per ton, and stainless steel futures gained 1.15pct to 13,245 yuan (USD 1,819) per ton.
1 USD / 7.28 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,537 |
0.26 |
0.40 |
| HRC | 3,468 |
1.02 |
1.10 |
| Rebar | 3,358 |
1.24 |
1.28 |
| Stainless Steel | 13,245 |
1.15 |
0.91 |
| Iron Ore | 837 |
2.26 |
1.97 |
| Coke | 1,742 |
2.62 |
2.55 |
| Coking Coal | 1,121 |
2.89 |
3.12 |
