Iron-ore at multi-month high as improving fundamentals outweigh Trump tariff threat
BEIJING - Iron-ore futures gained on Monday as earlier losses triggered by US President Donald Trump's latest tariff threats were countered by signs of recovering demand in top consumer China and falling shipments from major suppliers.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 0.79% higher at 826.5 yuan ($113.16) a metric ton, the highest since December 10, 2024.
The benchmark March iron ore SZZFH5 on the Singapore Exchange climbed 0.76% to $107.15 a ton as of 07:12 GMT. It touched October 16, 2024's high of $107.5 a ton earlier in the session.
Demand for the key steelmaking ingredient showed signs of recovery, supporting prices.
The average daily hot metal output, typically used to gauge iron ore demand, rose 1.3% from the assessment before China's Lunar New Year holiday break to 2.28-million tons on February 5 among steelmakers surveyed, consultancy Mysteel's data showed.
Markets were shut for the Chinese Lunar New Year holidays from January 28 to February 5.
Shipments from top suppliers Australia and Brazil slipped 32% to 18.98-million tons in the week ended February 9 compared to the previous week, Mysteel data showed, buoying sentiment.
It helped ore prices shrug off earlier losses on risk-off sentiment after Trump threatened to introduce 25% tariff on all US steel and aluminum imports, on top of the existing metals duties, in another major escalation of his trade policy overhaul on Sunday.
Other steelmaking ingredients on the DCE traded mixed, with coking coal DJMcv1 up 0.13% and coke DCJcv1 falling 1.72%.
Steel benchmarks on the Shanghai Futures Exchange were weaker. Rebar SRBcv1 lost 0.89%, hot-rolled coil SHHCcv1 fell 0.49%, wire rod SWRcv1 shed 0.53% and stainless steel SHSScv1 dipped 0.48%.
Comments
Projects
Latest News
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
