Iron ore futures fell on Friday as concerns over weak steel demand continued to pressure the steelmaking raw material market.
Iron ore futures posted gains earlier this week supported by short-term demand as steel producers restock inventories ahead of February holidays and optimism about potential stimulus measures from Beijing ahead of a key meeting this month.
But market sentiment turned cautious after Chinese state media emphasized prioritizing consumption growth over aggressive economic expansion, a message widely viewed as setting the agenda for the upcoming China Economic Work Conference in December.
Further weighing on the outlook, higher iron ore stockpiles at major Chinese ports and subdued steel demand posed ongoing challenges.
On the Dalian Commodity Exchange, iron ore futures declined by 0.93pct to 797.5 yuan (USD 110) per ton. Coke and coking coal futures also dropped by 1.2pct and 1.68pct, closing at 1,811.5 yuan (USD 249) and 1,171 yuan (USD 161) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures fell 1.36pct to 3,260 yuan (USD 449) per ton, while HRC futures slipped 0.97pct to 3,454 yuan (USD 475) per ton. Wire rod futures edged up 0.14pct to 3,567 yuan (USD 491) per ton, while stainless steel futures declined 0.58pct to 12,850 yuan (USD 1,769) per ton.
1 USD / 7.26 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,567 |
0.14 |
1.01 |
| HRC | 3,454 |
-0.97 |
-0.32 |
| Rebar | 3,260 |
-1.36 |
-0.61 |
| Stainless Steel | 12,850 |
-0.58 |
0.12 |
| Iron Ore | 797.5 |
-0.93 |
-0.38 |
| Coke | 1,811.5 |
-1.20 |
0.03 |
| Coking Coal | 1,171 |
-1.68 |
0.04 |
