Latest news with #DCE
Business Recorder
3 days ago
- Business
- Business Recorder
Iron ore extends fall on slowing China demand
SINGAPORE: Iron ore futures fell on Wednesday, and were on track for a fifth straight session of decline, pressured by slowing demand for the steelmaking material in top consumer China and a firmer dollar. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) lost 0.86% to 693 yuan ($96.42) a metric ton as of 0242 GMT. The benchmark July iron ore on the Singapore Exchange shed 0.68% to $92.15 a ton. Steel production is slowing as the off-season sets in, and demand is likely to weaken further, said broker Galaxy Futures. 'The rainy season has slowed construction activity in southern China. In the north, high temperatures are contributing to a slowdown,' said ANZ analysts. Production among China's blast furnace steel producers slid for the fifth straight week during June 6-12, according to data from consultancy Mysteel, which attributed the fall to regular maintenance stoppages among the mills. 'Beijing's efforts to curb over-capacity in the steel industry looks to be playing out,' added ANZ. China's crude steel output slid 6.9% from a year earlier to 86.55 million tons in May, data from the National Bureau of Statistics (NBS) showed. Total iron ore stockpiles across ports in China climbed about 1.06% week-on-week to 133.4 million tons as of June 13, Steelhome data showed. Also pressuring prices was a stronger US dollar, which held onto gains against major currencies on the day amid safe-haven bids, making greenback-denominated assets less affordable to holders of other currencies. Other steelmaking ingredients on the DCE were mixed, with coking coal down 0.5% and coke up 0.66%. Steel benchmarks on the Shanghai Futures Exchange traded sideways. Rebar fell nearly 0.3%, stainless steel eased 0.04%, while hot-rolled coil traded flat and wire rod added 0.24%.
Business Recorder
5 days ago
- Business
- Business Recorder
Dalian iron ore dips as traders assess mixed Chinese macro data
SINGAPORE: Iron ore edged lower on Tuesday as traders assessed mixed macroeconomic data from top consumer China, though resilient steel mill profits lent some support. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.43% lower at 696.5 yuan ($97.00) a metric ton, as of 0255 GMT. The benchmark July iron ore on the Singapore Exchange fell 1.03% to $93.1 a ton. China's crude steel output in May slid 6.9% from a year earlier to 86.55 million tons, data from the National Bureau of Statistics (NBS) showed on Monday. Meanwhile, new home prices fell in May, extending a two-year long stagnation, official data showed on Monday, highlighting challenges in the sector despite several rounds of policy support measures. The country's factory growth hit a six-month low in May, though retail sales, a gauge for consumption, picked up steam, offering temporary relief amid a fragile truce in its trade war with the United States. While blast furnace production is peaking, profits remain high, and steel mills are not incentivised to reduce production, said broker Galaxy Futures. Around 60% of blast-furnace steel mills in China reported positive margins as of June 12, said consultancy Mysteel. Iron ore dips as market awaits clarity on Sino-US trade talk progress Moreover, port arrival volumes of iron ore fell 8.62% week-on-week to 23.85 million tons as of June 13, Mysteel data showed. Other steelmaking ingredients on the DCE strengthened, with coking coal and coke up 0.77% and 0.74%, respectively. Steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar ticked down 0.03%, hot-rolled coil fell 0.13%, wire rod lost 0.67% and stainless steel was down 0.6%.
Business Recorder
5 days ago
- Business
- Business Recorder
Iron ore higher on firmer China demand
SINGAPORE: Iron ore futures prices edged up on Monday as rising crude steel production in top consumer China bolstered sentiment for the steelmaking material, though US steel tariff concerns capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.28% higher at 705 yuan ($98.13) a metric ton, as of 0253 GMT. The benchmark July iron ore on the Singapore Exchange rose 0.25% to $94.4 a ton. China's crude steel output in May gained 0.6% from April as mills boosted their operating rates to take advantage of healthy profit margins spurred by exports. Around 60% of blast-furnace steel mills in China reported positive margins as of June 12, data from consultancy Mysteel showed. Still, average daily hot metal output, typically used as a gauge of iron ore demand, dipped around 0.1% week-on-week to 2.416 million tons as of June 13, according to Mysteel data. On the trade front, a range of imported household appliances, including dishwashers, washing machines, refrigerators and more will be subject to Trump's 50% steel tariffs from June 23. Broadly, China's new home prices declined 0.2% in May from the previous month, official data showed on Monday, a sign that the country's property sector remains stagnant despite several rounds of policy support measures. Also pressuring prices was a stronger US dollar, driven by safe-haven buying amid intensifying geopolitical tensions in the Middle East. A firmer dollar makes dollar-denominated assets less affordable to holders of other currencies. Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 1.81% and 1.04%, respectively.
Business Recorder
6 days ago
- Business
- Business Recorder
Iron ore ticks higher on firmer China demand; tariff concerns cap rise
SINGAPORE: Iron ore futures prices edged up on Monday as rising crude steel production in top consumer China bolstered sentiment for the steelmaking material, though US steel tariff concerns capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.28% higher at 705 yuan ($98.13) a metric ton, as of 0253 GMT. The benchmark July iron ore on the Singapore Exchange rose 0.25% to $94.4 a ton. China's crude steel output in May gained 0.6% from April as mills boosted their operating rates to take advantage of healthy profit margins spurred by exports. Around 60% of blast-furnace steel mills in China reported positive margins as of June 12, data from consultancy Mysteel showed. Still, average daily hot metal output, typically used as a gauge of iron ore demand, dipped around 0.1% week-on-week to 2.416 million tons as of June 13, according to Mysteel data. On the trade front, a range of imported household appliances, including dishwashers, washing machines, refrigerators and more will be subject to Trump's 50% steel tariffs from June 23. Broadly, China's new home prices declined 0.2% in May from the previous month, official data showed on Monday, a sign that the country's property sector remains stagnant despite several rounds of policy support measures. Also pressuring prices was a stronger US dollar, driven by safe-haven buying amid intensifying geopolitical tensions in the Middle East. Iron ore dips as market awaits clarity on Sino-US trade talk progress A firmer dollar makes dollar-denominated assets less affordable to holders of other currencies. Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 1.81% and 1.04%, respectively. Steel benchmarks on the Shanghai Futures Exchange strengthened. Rebar rose 0.81%, hot-rolled coil was up 0.88%, wire rod edged 0.3% higher and stainless steel inched up 0.04%.
Time of India
6 days ago
- Business
- Time of India
Iron ore ticks higher on firmer China demand; tariff concerns cap rise
Singapore: Iron ore futures prices edged up on Monday as rising crude steel production in top consumer China bolstered sentiment for the steelmaking material, though U.S. steel tariff concerns capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.28 per cent higher at 705 yuan ($98.13) a metric ton, as of 0253 GMT. The benchmark July iron ore on the Singapore Exchange rose 0.25 per cent to $94.4 a ton. China's crude steel output in May gained 0.6 per cent from April as mills boosted their operating rates to take advantage of healthy profit margins spurred by exports. Around 60 per cent of blast-furnace steel mills in China reported positive margins as of June 12, data from consultancy Mysteel showed. Still, average daily hot metal output, typically used as a gauge of iron ore demand, dipped around 0.1 per cent week-on-week to 2.416 million tons as of June 13, according to Mysteel data. On the trade front, a range of imported household appliances, including dishwashers, washing machines, refrigerators and more will be subject to Trump's 50 per cent steel tariffs from June 23. Broadly, China's new home prices declined 0.2 per cent in May from the previous month, official data showed on Monday, a sign that the country's property sector remains stagnant despite several rounds of policy support measures. Also pressuring prices was a stronger U.S. dollar, driven by safe-haven buying amid intensifying geopolitical tensions in the Middle East. A firmer dollar makes dollar-denominated assets less affordable to holders of other currencies. Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 1.81 per cent and 1.04 per cent , respectively.
