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Iron ore futures in Dalian edged higher on Friday after nine consecutive losses but remained on track for a weekly decline due to concerns over China’s steel production cuts and escalating U.S.-China trade tensions.
The most-traded May iron ore contract on the Dalian Commodity Exchange (DCE) rose 0.65% to 777.5 yuan ($107.28) per metric ton by 0302 GMT but has dropped 3.12% this week. On the Singapore Exchange, the benchmark April contract inched up 0.14% to $100.5 per ton, marking a 1.89% weekly decline.
Investor sentiment improved as China introduced new fiscal stimulus measures to boost economic growth. This week’s annual parliament meeting hinted at additional policy support if growth falters. However, market uncertainty persists as Washington imposed an additional 20% tariff on Chinese goods, prompting retaliation from Beijing.
Concerns over China’s steel production cuts weigh on iron ore prices. While officials have not set specific targets, the restructuring of the steel sector is expected to increase iron ore supply, adding downward pressure. Despite this, China’s daily steel output jumped 13% in February, with crude steel production rising 5%, according to the China Iron and Steel Association.
Other steelmaking ingredients saw gains, with coking coal and coke rising 1.88% and 1.01%, respectively. Steel benchmarks on the Shanghai Futures Exchange showed mixed movement, with wire rod up 0.2% and stainless steel gaining 0.75%, while rebar fell 0.12% and hot-rolled coil slipped 0.15%.
Traders remain cautious as they weigh China’s economic policies against global trade uncertainties, with iron ore prices struggling to maintain momentum amid shifting market dynamics.
