Iron ore futures increased on Tuesday, supported by a stronger outlook for steel demand and improved market sentiment.
Market participants in China reported firmer domestic demand for finished steel, particularly long products, as the onset of spring typically boosts construction activity following the winter slowdown. This trend has also been reflected in higher production among electric arc furnace (EAF) mills. However, in export markets, freight volatility linked to Middle East tensions continues to weigh on deal activity.
Expectations of a recovery in steel production are also likely to support iron ore consumption. While higher port-side iron ore inventories in China remain a key headwind, steady demand for certain grades has helped underpin prices, according to market sources.
On the Dalian Commodity Exchange, the most-traded May iron ore contract rose 1.81pct to 816.5 yuan (USD 118.5) per ton. Coking coal and coke futures declined 0.42pct and 0.57pct to 1,176 yuan (USD 171) and 1,732 yuan (USD 251) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures increased 0.41pct to 3,148 yuan (USD 457) per ton, while HRC futures rose 0.58pct to 3,313 yuan (USD 481) per ton. Wire rod futures fell 1.13pct to 3,331 yuan (USD 484), and stainless steel futures edged down to 14,095 yuan (USD 2,046) per ton.
1 USD / 6.88 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,331.00 | ▼ -1.13 | ▼ -0.90 |
| Hot Rolled Coils | 3,313.00 | ▲ 0.58 | ▲ 0.42 |
| Rebar | 3,148.00 | ▲ 0.41 | ▲ 0.25 |
| Stainless Steel | 14,095.00 | ▼ -0.21 | ▼ -0.18 |
| Iron ore | 816.50 | ▲ 1.81 | ▲ 0.92 |
| Coke | 1,732.00 | ▼ -0.57 | ▼ -0.81 |
| Coking Coal | 1,176.00 | ▼ -0.42 | ▼ -0.43 |
