Iron ore futures edged higher on Monday as a drop in weekly shipments from major miners to China supported positive sentiment. However, long-term uncertainties limited the gains.
According to SMM shipping data, global iron ore shipments totaled 26.84 mln tons last week, marking a 6.7pct week-on-week decrease.
Despite this, higher port-side inventories and ongoing challenges in the property sector, a significant steel consumer, continue to weigh on iron ore prices.
The market is also watching U.S.-China trade relations closely following Trump’s presidential inauguration, seeking clarity on the new administration’s policies.
On the Dalian Commodity Exchange, iron ore futures rose slightly by 0.13pct to 800.5 yuan (USD 109.2) per ton. However, coke futures fell by 2.4pct to 1,748 yuan (USD 239) per ton, and coking coal futures dropped by 2.57pct to 1,139 yuan (USD 155) per ton.
On the Shanghai Futures Exchange, rebar futures increased by 0.24pct to 3,354 yuan (USD 458) per ton, and HRC futures grew by 0.29pct to 3,472 yuan (USD 474) per ton. Meanwhile, wire rod futures declined by 0.67pct to 3,577 yuan (USD 488) per ton, and stainless steel futures fell by 2.19pct to 12,975 yuan (USD 1,771) per ton.
1 USD / 7.32 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,577 |
-0.67 |
-0.75 |
| HRC | 3,472 |
0.29 |
-0.35 |
| Rebar | 3,354 |
0.24 |
-0.54 |
| Stainless Steel | 12,975 |
-2.19 |
-2.66 |
| Iron Ore | 800.5 |
0.13 |
-0.37 |
| Coke | 1,748 |
-2.40 |
-2.86 |
| Coking Coal | 1,139 |
-2.57 |
-3.20 |
