Latest news with #DalianCommodityExchange
Business Recorder
4 hours ago
- Business
- Business Recorder
Iron ore at nearly 2-month low
BEIJING: Iron ore futures slipped to their lowest in nearly two months on Tuesday, dragged down by demand fears sparked by US President Donald Trump's plan to double the tariffs on steel imports to 50% and weak factory data in top consumer China. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 0.92% lower at 697 yuan ($96.84) a metric ton. The contract hit its lowest since April 10 at 690.5 yuan a ton earlier in the session. The benchmark July iron ore on the Singapore Exchange eased 1.03% to $94.25 a ton as of 0334 GMT, after touching its lowest since April 10 at $93.8 earlier.
Time of India
17 hours ago
- Business
- Time of India
Iron ore at nearly 2-month low, hurt by Trump's tariff hike plan, weak China data
Beijing: Iron ore futures slipped to their lowest in nearly two months on Tuesday, dragged down by demand fears sparked by U.S. President Donald Trump's plan to double the tariffs on steel imports to 50 per cent and weak factory data in top consumer China. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 0.92 per cent lower at 697 yuan ($96.84) a metric ton. The benchmark July iron ore on the Singapore Exchange eased 1.03 per cent to $94.25 a ton as of 0334 GMT, after touching its lowest since April 10 at $93.8 earlier. On Friday, Trump unveiled his plan to increase tariffs on imported steel and aluminum to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war. U.S. prices of steel and aluminium spiked on Monday, while shares of foreign steelmakers slumped. Chinese markets, however, were closed on Monday due to a public holiday. Despite a 90-day pause, the ongoing tariff war between the world's two largest economies has impacted the Chinese manufacturing sector, casting a shadow on steel's demand outlook. The manufacturing sector has taken the lead as the country's biggest steel consumer, outpacing infrastructure and real estate. China's manufacturing activity shrank for the first time in eight months in May, a private-sector survey showed on Tuesday, after official data recorded contraction for a second month on Saturday. Other steelmaking ingredients on the DCE also weakened, with coking coal and coke falling 2.97 per cent and 0.91 per cent, respectively, to nearly nine-year lows. Steel benchmarks on the Shanghai Futures Exchange lost ground amid lower raw materials costs. Rebar shed 0.88 per cent, hot-rolled coil lost 0.55 per cent, wire rod dipped 0.25 per cent and stainless steel ticked 0.39 per cent lower.
Business Recorder
19 hours ago
- Business
- Business Recorder
Iron ore at nearly 2-month low, hurt by Trump's tariff hike plan, weak China data
BEIJING: Iron ore futures slipped to their lowest in nearly two months on Tuesday, dragged down by demand fears sparked by U.S. President Donald Trump's plan to double the tariffs on steel imports to 50% and weak factory data in top consumer China. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 0.92% lower at 697 yuan ($96.84) a metric ton. The contract hit its lowest since April 10 at 690.5 yuan a ton earlier in the session. The benchmark July iron ore on the Singapore Exchange eased 1.03% to $94.25 a ton as of 0334 GMT, after touching its lowest since April 10 at $93.8 earlier. On Friday, Trump unveiled his plan to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war. India's top miner tests local iron ore pricing U.S. prices of steel and aluminium spiked on Monday, while shares of foreign steelmakers slumped. Chinese markets, however, were closed on Monday due to a public holiday. Despite a 90-day pause, the ongoing tariff war between the world's two largest economies has impacted the Chinese manufacturing sector, casting a shadow on steel's demand outlook. The manufacturing sector has taken the lead as the country's biggest steel consumer, outpacing infrastructure and real estate. China's manufacturing activity shrank for the first time in eight months in May, a private-sector survey showed on Tuesday, after official data recorded contraction for a second month on Saturday. Other steelmaking ingredients on the DCE also weakened, with coking coal and coke falling 2.97% and 0.91%, respectively, to nearly nine-year lows. Steel benchmarks on the Shanghai Futures Exchange lost ground amid lower raw materials costs. Rebar shed 0.88%, hot-rolled coil lost 0.55%, wire rod dipped 0.25% and stainless steel ticked 0.39% lower.
Business Recorder
5 days ago
- Business
- Business Recorder
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.
Business Recorder
7 days ago
- Business
- Business Recorder
Iron ore dips on tepid China demand, higher shipments
SINGAPORE: Iron ore futures prices dipped for a fourth consecutive session on Wednesday, pressured by subdued demand for the steelmaking ingredient in top consumer China and higher shipments from top producers Australia and Brazil. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.21% lower at 698 yuan ($96.94) a metric ton by 0300 GMT. The benchmark June iron ore on the Singapore Exchange was 0.18% lower at $95.9 a ton. China's crude steel output in 2025 is expected to fall to 968 million metric tons, down 37 million tons from 2024, Mark Ferguson, director of metals and mining research at S&P Global Commodity Insights told a conference on Wednesday in Singapore. The daily crude steel production of key steel enterprises in May dipped 0.3% month-on-month to 2.2 million tons, consultancy Lange Steel said, citing statistics from the China Iron and Steel Industry Association. The total volume of iron ore dispatched from Australia and Brazil edged 0.9% higher week-on-week, as of May 25, to reach 27.3 million tons, data from consultancy Mysteel showed. Mysteel attributed the rise to lifted ore shipments from Australia, who increased shipments to China by 10.4% week-on-week to 17.4 million tons. Also dampening sentiment was the Brazilian government's decision to renew 25% tariffs on Tuesday, measures which were initially imposed last year on 19 steel products. Iron ore futures range-bound Still, China's industrial profits picked up pace in April, official data showed on Tuesday, giving policymakers cause for optimism that recent stimulus efforts are helping to keep the economy afloat despite trade tensions with the United States. Other steelmaking ingredients on the DCE weakened, with coking coal and coke down 0.75% and 0.99%, respectively. Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar dropped 1%, hot-rolled coil shed 0.74%, stainless steel eased 0.82%, while wire rod climbed 1.96%.
