Iron ore futures rose on Monday, driven by expectations of additional stimulus from Beijing, though concerns about demand persist.
The central bank chief of China expressed confidence in the country’s ability to support economic recovery and growth this year, promising the use of supportive monetary tools and measures to mitigate property market risks.
Despite this optimism, the fundamentals of the iron ore market remain weak. High port-side inventories, coupled with increasing imports, and declining steel output due to weak demand continue to cast a bearish outlook.
On the Dalian Commodity Exchange, iron ore futures climbed by 1.92pct to 768.5 yuan (USD 104.79) per ton. Coke and coking coal futures also saw gains, rising by 2.28pct and 2.61pct to 1,725 yuan (USD 235) per ton and 1,119.5 yuan (USD 153) per ton, respectively.
Over at the Shanghai Futures Exchange, rebar futures increased by 1.44pct to 3,249 yuan (USD 443) per ton, and HRC futures grew by 1.45pct to 3,357 yuan (USD 458) per ton. Wire rod futures were up 1.14pct to 3,548 yuan (USD 484) per ton, while stainless steel futures rose by 0.8pct to 13,250 yuan (USD 1,807) per ton.
1 USD / 7.33 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,548 |
1.14 |
0.96 |
| HRC | 3,357 |
1.45 |
1.28 |
| Rebar | 3,249 |
1.44 |
1.32 |
| Stainless Steel | 13,250 |
0.80 |
0.94 |
| Iron Ore | 768.5 |
1.92 |
1.95 |
| Coke | 1,725 |
2.28 |
2.52 |
| Coking Coal | 1,119.5 |
2.61 |
3.22 |
