Iron ore futures gained on Monday, supported by expectations of stimulus measures from Beijing and an improved outlook for steel demand.
China’s services sector saw accelerated growth in July, driven by new orders, according to the Caixin/S&P Global services purchasing managers’ index.
A central bank policy adviser has called for increased fiscal stimulus and a clear inflation target to support economic growth. Chinese leaders have indicated that fiscal measures for the rest of the year will focus on boosting consumption, including using government bonds to fund trade-ins for consumer goods.
Last week, China’s National Development and Reform Commission (NDRC) released a survey showing cautious optimism for the steel market in August, anticipating that improved weather conditions could increase downstream demand.
On the Dalian Commodity Exchange, iron ore futures for January 2025 delivery rose by 1.97pct to 776.5 yuan (USD 108.4) per ton. Dalian coke and coking coal futures also increased, rising by 0.35pct to 2,009.5 yuan (USD 281) per ton and 0.25pct to 1,423 yuan (USD 199) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures climbed by 0.42pct to 3,367 yuan (USD 470) per ton, while HRC futures grew by 0.74pct to 3,526 yuan (USD 492) per ton. Wire rod futures saw a 1.52pct increase to 3,414 yuan (USD 477) per ton, and stainless steel futures edged up by 0.11pct to 14,065 yuan (USD 1,964) per ton.
1 USD / 7.16 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,414 |
1.52 |
1.85 |
| HRC | 3,526 |
0.74 |
0.03 |
| Rebar | 3,367 |
0.42 |
-0.36 |
| Stainless Steel | 14,065 |
0.11 |
-0.32 |
| Iron Ore | 776.5 |
1.97 |
-0.32 |
| Coke | 2,009.5 |
0.35 |
-0.32 |
| Coking Coal | 1,423 |
0.25 |
-0.21 |
