Iron ore futures rose in the last session before the holidays on Thursday, supported by firm steel demand and stable manufacturing activity in China.
China’s manufacturing purchasing managers’ index (PMI) stood at 50.3 in April, down slightly from 50.4 in March but remaining in expansion territory, according to data from the National Bureau of Statistics.
New orders declined to 50.6 from 51.6, indicating softer domestic demand, while the new export orders sub-index rose to 50.3, returning to expansion for the first time since April 2024.
Iron ore prices were also supported by restocking activity and firm steel demand ahead of the May holidays, with Chinese markets set to close from May 1-5.
However, demand concerns persist, as rising iron ore supply and high port inventories continue to weigh on the outlook.
On the Dalian Commodity Exchange, the most-traded September iron ore contract rose by 1.6pct to 796 yuan (USD 116.5) per ton. Coking coal and coke futures increased by 1.7pct and 1.1pct to 1,287 yuan (USD 188) and 1,841 yuan (USD 270) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures rose by 1.04pct to 3,214 yuan (USD 471) per ton, while HRC futures increased by 1.03pct to 3,425 yuan (USD 502) per ton. Wire rod advanced by 2.2pct to 3,338 yuan (USD 489) per ton, while stainless steel closed unchanged at 15,435 yuan (USD 2,260) per ton.
1 USD / 6.82 yuan
| Item | Closing Price (in yuan) | Difference from Night Session (pct) | Difference from Previous Morning Session (pct) |
|---|---|---|---|
| Wire Rod | 3,338.00 | ▲ 2.20 | ▲ 3.36 |
| Hot Rolled Coils | 3,425.00 | ▲ 1.03 | ▲ 0.53 |
| Rebar | 3,214.00 | ▲ 1.04 | ▲ 0.59 |
| Stainless Steel | 15,435.00 | 0.00 | ▼ -0.62 |
| Iron ore | 796.00 | ▲ 1.60 | ▲ 1.07 |
| Coke | 1,841.00 | ▲ 1.10 | ▲ 0.38 |
| Coking Coal | 1,287.00 | ▲ 1.70 | ▲ 1.05 |