financetom
World
financetom
/
World
/
Iron ore ticks up, but set for weekly loss on tariff woes
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Iron ore ticks up, but set for weekly loss on tariff woes
Mar 6, 2025 7:54 PM

SINGAPORE (Reuters) - Dalian iron ore futures rose on Friday after a nine-session losing streak, but were set for a weekly fall, weighed down by reports of steel production cuts in China and an intensifying trade war between Washington and Beijing.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) climbed 0.65% to 777.5 yuan ($107.28) a metric ton by 0302 GMT. The contract has fallen 3.12% so far this week.

The benchmark April iron ore on the Singapore Exchange was 0.14% higher at $100.5 a ton, losing 1.89% so far this week.

Sentiment in commodity markets was buoyed by Beijing's efforts to support economic growth, said ANZ analysts.

China unlocked more fiscal stimulus on Wednesday, promising greater efforts to support consumption and boost domestic demand.

Chinese officials on Thursday left the door open to more stimulus measures on top of those announced at this week's annual parliament meeting if economic growth veered off track.

These moves follow fresh trade measures, as Washington has added an extra 20% on existing tariffs for Chinese goods, with the latest 10% increment enforced on Tuesday, drawing Beijing's retaliation.

Meanwhile, steel production cuts in China may increase iron ore supply, intensifying pressure on ore prices, said Hexun Futures.

China will restructure its giant steel industry through output cuts, although it did not announce any target in its most recent intervention to address overcapacity in the sector.

Still, steel daily output logged a month-on-month increase of 13% in February, while crude steel output increased 5%, Hexun said in a separate note, citing data from the China Iron and Steel Association.

    Other steelmaking ingredients on the DCE rose, with coking coal and coke up 1.88% and 1.01%, respectively.

   Steel benchmarks on the Shanghai Futures Exchange traded sideways. Wire rod edged 0.2% higher, stainless steel was up 0.75%, while rebar eased 0.12% and hot-rolled coil lost 0.15%.

($1 = 7.2472 Chinese yuan)

(Reporting by Michele Pek; Editing by Subhranshu Sahu)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
CANADA STOCKS-TSX dips for second day, holds near record high
CANADA STOCKS-TSX dips for second day, holds near record high
Mar 25, 2024
* TSX ends down 0.2% at 21,942.28 * Industrials fall 1.4% * Energy gains 2%; oil settles up 1.6% * Manulife adds 1% after reinsurance deal (Updates at market close) By Fergal Smith March 25 (Reuters) - Canada's main stock index ended lower on Monday, pressured by losses for industrial shares, but the move was limited as recent strength in...
US Equity Markets Close Down Monday as Macro Data Assessed
US Equity Markets Close Down Monday as Macro Data Assessed
Mar 25, 2024
04:09 PM EDT, 03/25/2024 (MT Newswires) -- US equity markets ended lower Monday as investors assessed the latest batch of macro data. * New-home sales slowed to a 662,000 annual rate in February from an upwardly revised 664,000 rate in January but were 5.9% above the level in February 2023. The supply of new homes for sale increased 1.3% from...
Morning Bid: Volatile yuan, fragile yen cool sentiment
Morning Bid: Volatile yuan, fragile yen cool sentiment
Mar 25, 2024
(Reuters) - A look at the day ahead in Asian markets. Chinese markets will be under close scrutiny on Tuesday, as signs emerge that the recovery for much of this year in asset prices and investor sentiment may be fading as the first quarter draws to a close. The broader tone across Asia is fairly muted too with regional stocks...
MORNING BID ASIA-Volatile yuan, fragile yen cool sentiment
MORNING BID ASIA-Volatile yuan, fragile yen cool sentiment
Mar 25, 2024
March 26 (Reuters) - A look at the day ahead in Asian markets. Chinese markets will be under close scrutiny on Tuesday, as signs emerge that the recovery for much of this year in asset prices and investor sentiment may be fading as the first quarter draws to a close. The broader tone across Asia is fairly muted too with...
Copyright 2023-2025 - www.financetom.com All Rights Reserved