Iron ore futures declined on Thursday, as market sentiment remained cautious despite steady short-term demand ahead of the Labour Day holidays.
A rebound in iron ore supplies from major miners added pressure to prices, while the long-term demand outlook remained bearish due to increasing global protectionist measures targeting Chinese steel products.
Nevertheless, pre-holiday restocking activity, ahead of the Labour Day break from May 1 to May 5, 2025, supported buying interest in the near term. Still, concerns linger over a potential slowdown in seasonal steel demand.
Adding to the mixed outlook, positive steel production data offered some support to market sentiment. According to the China Iron and Steel Association (CISA), daily crude steel output from member mills rose 1.5pct during April 11-20 compared to the previous ten-day period, averaging 2.23 mln tons per day. Steel production was also up 5.2pct YoY.
On the Dalian Commodity Exchange, the most-active September iron ore contract slipped 0.28pct to 720.5 yuan (USD 98.70) per ton. Meanwhile, coke and coking coal futures gained 1.56pct and 0.84pct, reaching 1,590.5 yuan (USD 218) and 956 yuan (USD 131) per ton, respectively.
Over on the Shanghai Futures Exchange, rebar and HRC futures edged down to 3,106 yuan (USD 425) and 3,204 yuan (USD 439) per ton. Wire rod futures dropped 1.96pct to 3,299 yuan (USD 452) per ton, while stainless steel futures rose slightly by 0.12pct to 12,780 yuan (USD 1,751) per ton.
1 USD / 7.29 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,299 |
-1.96 |
-2.12 |
| HRC | 3,204 |
-0.12 |
-0.91 |
| Rebar | 3,106 |
-0.10 |
-1.00 |
| Stainless Steel | 12,780 |
0.12 |
-0.08 |
| Iron Ore | 720.5 |
-0.28 |
-0.97 |
| Coke | 1,590.5 |
1.56 |
-0.28 |
| Coking Coal | 956 |
0.84 |
-0.68 |
