Dalian iron ore rebounds
SINGAPORE: Iron ore futures snapped a four-day losing streak on Thursday, buoyed by upbeat market sentiment after a US federal court blocked President Donald Trump's 'Liberation Day' tariffs from going into effect.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.15% higher at 706 yuan ($98.06) a metric ton, as of 0255 GMT.
The benchmark June iron ore on the Singapore Exchange was 0.74% higher at $96.8 a ton. A US trade court on Wednesday blocked Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
Trump in recent months has imposed 25% tariffs on autos and steel. The court ruling has buoyed investor sentiment and brings a rebound opportunity to ferrous markets, said broker Galaxy Futures. Still, seasonal demand for steel has peaked, and demand for construction materials will continue to decline, added Galaxy.
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