Iron ore futures continued to rise on Tuesday, driven by restocking demand and optimism over near-term steel demand.
Expectations of improved steel consumption have prompted steelmakers to replenish iron ore stocks, while several steel plants are set to resume operations after scheduled maintenance, boosting market sentiment.
However, long-term iron ore demand remains under pressure due to weak steel mill margins and higher port-side inventories.
On the Dalian Commodity Exchange, the most-traded iron ore futures contract increased by 3.34pct to 758 yuan (USD 106.4) per ton. Dalian coke and coking coal futures also gained, rising 3.86pct and 4.57pct to 1,990 yuan (USD 279) and 1,383.5 yuan (USD 194) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures advanced 1.12pct to 3,249 yuan (USD 456) per ton, while HRC futures climbed 1.9pct to 3,329 yuan (USD 467) per ton. Wire rod futures increased by 1.37pct to 3,255 yuan (USD 457) per ton, and stainless steel futures rose 1.05pct to 13,910 yuan (USD 1,953) per ton.
1 USD / 7.12 yuan
