Iron ore futures rose on Friday, driven by recovering steel demand and expectations of further stimulus, boosting market sentiment.
Steel demand in China rebounded sharply this week, particularly for rebar, which supported iron ore prices, according to market sources. Sentiment was further lifted by a statement from China’s central bank, which pledged to enhance real estate financial management to stabilize the property market in 2025 and support a new model for real estate development.
However, increasing protectionist measures posed challenges for China’s steel sector, with recent news reports indicated that South Korea and Vietnam announced provisional antidumping tariffs on heavy plates and HRC, respectively, highlighting the difficulties Chinese steel exporters face this year. In 2023, strong exports helped offset weak domestic demand.
On the Dalian Commodity Exchange (DCE), the most-traded May iron ore contract ended daytime trading 1.51pct higher at 838.5 yuan (USD 115.3) per ton, with a weekly gain of 3.45pct. Coke and coking coal futures also advanced, rising 1.77pct and 2.12pct to 1,750 yuan (USD 241) and 1,130 yuan (USD 155) per ton, respectively.
Meanwhile, on the Shanghai Futures Exchange, rebar futures increased 0.9pct to 3,361 yuan (USD 462) per ton, while HRC futures climbed 0.81pct to 3,470 yuan (USD 477) per ton. Wire rod futures edged down 0.17pct to 3,536 yuan (USD 487) per ton, while stainless steel futures gained 0.38pct to 13,230 yuan (USD 1,820) per ton.
1 USD / 7.26 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,536 |
-0.17 |
-0.03 |
| HRC | 3,470 |
0.81 |
0.06 |
| Rebar | 3,361 |
0.90 |
0.09 |
| Stainless Steel | 13,230 |
0.38 |
-0.11 |
| Iron Ore | 838.5 |
1.51 |
0.18 |
| Coke | 1,750 |
1.77 |
0.46 |
| Coking Coal | 1,130 |
2.12 |
0.80 |
