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 tariffs from going into effect.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 1.29% higher at 707 yuan ($98.31) a metric ton.
The benchmark June iron ore SZZFM5 on the Singapore Exchange was 0.95% higher at $97 a ton, as of 0707 GMT.
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 U.S. 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 had 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.
Other steelmaking ingredients on the DCE languished, with coking coal DJMcv1 and coke DCJcv1 down 3.98% and 1.62%, respectively.
Prices of coking coal slumped to 757 yuan earlier in the session, its lowest since June 8, 2021, LSEG data showed.
"While the met coke market had experienced two rounds of price cuts in May alone, the weak performance of the ferrous market could lead to additional strikes in the future," said consultancy Mysteel.
Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar SRBcv1 edged up 0.47%, hot-rolled coil SHHCcv1 climbed around 0.3%, wire rod SWRcv1 gained 0.9%, while stainless steel SHSScv1 eased 0.39%.
($1 = 7.1918 Chinese yuan)
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