Iron ore futures rebounded on Tuesday as improving steel demand lifted market sentiment. Industry insiders noted a pickup in downstream steel consumption this week, providing further support to iron ore prices.
Adding to the positive outlook, China’s top economic planner pledged stronger incentives for the private sector. The National Development and Reform Commission (NDRC) announced plans to ease market access barriers and revise the negative list for private enterprises, aiming to accelerate their growth. According to state broadcaster CCTV, these measures will enhance private sector participation in key national projects, strategic initiatives, security capacity building, and large-scale equipment renewal, as well as consumer goods trade-ins.
Investors are also anticipating further stimulus measures from Beijing next month when the 14th National People’s Congress convenes its third annual session on March 5.
On the Dalian Commodity Exchange, the most-traded May iron ore contract surged 2.51pct to 818 yuan (USD 112.7) per ton. Coke and coking coal futures also advanced, rising 1.61pct and 1.34pct to 1,704 yuan (USD 235) and 1,094.5 yuan (USD 151) per ton, respectively.
In Shanghai, rebar futures climbed 1.35pct to 3,313 yuan (USD 457) per ton, while HRC futures gained 1.3pct to 3,430 yuan (USD 473) per ton. Wire rod futures edged up 0.31pct to 3,532 yuan (USD 487) per ton, and stainless steel futures inched 0.04pct higher to 13,065 yuan (USD 1,800) per ton.
1 USD / 7.25 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,532 |
0.31 |
0.08 |
| HRC | 3,430 |
1.30 |
0.70 |
| Rebar | 3,313 |
1.35 |
0.69 |
| Stainless Steel | 13,065 |
0.04 |
0.15 |
| Iron Ore | 818 |
2.51 |
1.41 |
| Coke | 1,704 |
1.61 |
0.67 |
| Coking Coal | 1,094.5 |
1.34 |
0.50 |
