Iron ore rise on dollar weakness, China stimulus hopes
By Lucas Liew
SINGAPORE, June 26 (Reuters) - Iron ore rose on Thursday, reversing early losses, as a weaker U.S. dollar and promises from Chinese officials to boost domestic consumption lifted investor sentiment.
The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trade 0.64% higher at 705.5 yuan ($98.44) a metric ton.
The benchmark July iron ore SZZFN5 on the Singapore Exchange was up 0.55% at $93.25 a ton, as of 0705 GMT.
The dollar tumbled to multi-year lows on Thursday after U.S. President Donald Trump's comments on replacing Federal Reserve Chair Jerome Powell sparked concerns regarding the independence of the central bank. USD/
A weaker greenback makes dollar-denominated assets cheaper for holders of other currencies. FRX/
Further support came from China, where Premier Li Qiang said on Thursday that policymakers would take "forceful steps" to boost domestic consumption.
Still, rising inventories and weak output from China kept gains in check.
According to data from Chinese consultancy Mysteel, inventories of imported iron ore sintering fines rose for the third straight week to 12.3 million tonnes as of June 25, while consumption of the sintering fines fell 1.5% week-on-week.
"Iron ore futures threaten to record a new year-to-date low as robust supplies and lower steel production in China weigh on sentiment," ANZ analysts said.
Broker Everbright Futures said iron ore shipments from Australia and Brazil had increased, with major producer Vale ramping up supply due to the end-of-season rush.
Other steelmaking ingredients on the DCE rose, with coking coal DJMcv1 and coke DCJcv1 up 3.6% and 1.86%, respectively.
Coking coal rose over 3.5% to reach an intraday high of 819 yuan after coal mines reduced production following accidents and environmental concerns, said broker Haitong Futures.
Most steel benchmarks on the Shanghai Futures Exchange gained ground. Rebar SRBcv1 rose 0.1%, hot-rolled coil SHHCcv1 strengthened 0.39%, stainless steel SHSScv1 climbed 1.16%, and wire rod SWRcv1 inched 0.06% lower.
($1 = 7.1671 Chinese yuan)
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