Dalian iron ore rebounds after US court halts Trump's tariffs
By Michele Pek
SINGAPORE, May 29 (Reuters) - Iron ore futures snapped a four-day losing streak on Thursday, buoyed by upbeat market sentiment after a U.S. 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) DCIOcv1 traded 1.15% higher at 706 yuan ($98.06) a metric ton, as of 0255 GMT.
The benchmark June iron ore SZZFM5 on the Singapore Exchange was 0.74% higher at $96.8 a ton.
A U.S. 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.
Spring is typically the peak season for construction in China ahead of the rainy season in June.
Meanwhile, though Beijing has previously said it wants to cut crude steel output this year, traders and steelmakers are betting the cuts are unlikely to be enforced amid improving industry profitability.
Keeping a lid on prices was a stronger U.S. dollar =USD which rallied on the day, making dollar-denominated assets less affordable to holders of other currencies. FRX/
Other steelmaking ingredients on the DCE languished, with coking coal DJMcv1 and coke DCJcv1 down 2.78% and 0.74%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar SRBcv1 edged up 0.37%, hot-rolled coil SHHCcv1 climbed nearly 0.3%, wire rod SWRcv1 gained 0.65%, while stainless steel SHSScv1 eased 0.16%.
($1 = 7.1995 Chinese yuan)
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