Iron ore futures surged on Thursday as market fundamentals strengthened, driven by reports of recovering steel production and reduced shipments from a major miner.
China’s crude steel output, among the member mills of the China Iron and Steel Association (CISA), rebounded during the first ten days of January. This recovery followed declines over the previous three 10-day periods. Early January’s daily output averaged 2.07 mln tons, marking a 10.3pct increase from late December (December 21-31).
Additionally, Rio Tinto reported its lowest annual shipments, which boosted market sentiment.
On the Dalian Commodity Exchange, iron ore futures rose 1.92pct to 797 yuan (USD 108.6) per ton. Coke and coking coal futures also advanced, gaining 3.45pct and 3.83pct to 1,786.5 yuan (USD 244) and 1,164.5 yuan (USD 159) per ton, respectively.
Similarly, on the Shanghai Futures Exchange, rebar futures increased by 1.22pct to 3,327 yuan (USD 454) per ton, and HRC futures grew by 1.09pct to 3,447 yuan (USD 470) per ton. Wire rod futures rose 0.56pct to 3,593 yuan (USD 490) per ton, while stainless steel futures edged up 0.46pct to 13,230 yuan (USD 1,804) 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 | 3,593 |
0.56 |
0.83 |
| HRC | 3,447 |
1.09 |
0.87 |
| Rebar | 3,327 |
1.22 |
1.11 |
| Stainless Steel | 13,230 |
0.46 |
0.49 |
| Iron Ore | 797 |
1.92 |
1.82 |
| Coke | 1,786.5 |
3.45 |
2.85 |
| Coking Coal | 1,164.5 |
3.83 |
3.22 |
