SINGAPORE: Iron ore futures gained for the sixth session on Monday on a raft of upbeat data from top consumer China, as lower steel exports are expected to help rebalance steel prices and steel mill margins, while lower iron ore shipments and inventories year-on-year helped support prices.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.16percent higher at 826 yuan (USD121.56) a metric ton, as of 0257 GMT.
The benchmark June iron ore on the Singapore Exchange was 1.24percent higher at USD111.8 a ton. China’s steel exports fell 9 percent in April from the same month last year, customs data showed on Saturday, as shipments that have spurred complaints from trading partners tracked their lowest year since 2023.
China shipped 9.5 million metric tons of steel, up 4percent from March but down from last year’s record pace. Lower steel exports help push up steel prices and steel mill margins, which have been largely suppressed by China’s overproduction.
Iron ore imports in April fell 0.8percent from the month before, as shrinking steel margins curbed buying appetite for the key steelmaking ingredient.
The world’s largest iron ore consumer brought in 103.9 million tons last month, down from 104.74 million tons in March and 103.14 million tons in the same month in 2025. In April, the average daily hot metal output, a gauge of iron ore demand, climbed 4.6percent from the prior month, according to a Reuters calculation based on data from consultancy Mysteel.
Portside inventory slid by 1.5percent month-on-month to 162.65 million tons, the lowest since late February, data from consultancy Steelhome showed. Iron ore inventory at major Chinese ports dipped by 0.79percent week-on-week, according to data from consultancy Steelhome on Friday.
Other steelmaking ingredients on the DCE lifted, with coking coal and coke up 1percent and 1.68percent, respectively. Steel benchmarks on the Shanghai Futures Exchange mostly advanced.
Rebar lifted 0.61percent, hot-rolled coil hardened 0.57percent and wire rod firmed 1.12percent. Meanwhile, stainless steel fell 0.16percent.
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