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Dalian iron at more than one-month high on Trump tariff reprieve

Dalian iron ore futures rose for a ninth straight session on Tuesday as U.S. President Donald Trump did not immediately impose tariffs on trading partners, but kept investors on edge with his tariff plans, which capped the gains.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.56% higher at 804.5 yuan ($110.57) a metric ton. Earlier in the session, it touched the highest since Dec. 12, 2024, at 808 yuan.

The benchmark February iron ore on the Singapore Exchange was 0.99% higher at $104.85 a ton as of 0731 GMT.

Average hot metal output among 247 blast furnace steelmakers in China increased by 1,100 tonnes per day on-week, according to data from Chinese consultancy Mysteel.

Chinese equities and the yuan rose cautiously, with investors relieved that Trump did not immediately impose tariffs at his inauguration, but were unwilling to bet that this meant the easing of U.S.-Sino tensions.

Despite the reprieve, Trump said he was mulling imposing 25% duties on imports from Canada and Mexico.

Embattled Country Garden 2007, once China’s biggest property developer, jumped as much as 30% as trading resumed after a near 10-month suspension, boosting overall sentiment.

Meanwhile, supply concerns eased as Australia’s largest bulk-export terminal Port Hedland reopened early on Monday after a severe tropical cyclone moved away from the region, ANZ analysts said.

Additionally, BHP Group BHP, the world’s largest listed miner, said its iron ore production rose in the December quarter.

Other steelmaking ingredients on the DCE rose, with coking coal NYMEX and coke up 0.26% and 0.17%, respectively.

Most steel benchmarks on the Shanghai Futures Exchange declined. Rebar and hot-rolled coil dipped nearly 0.3%, wire rod (SWRcv1) shed 0.08%, while stainless steel gained 0.27%.
Source: Reuters

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