Industry News

Iron-ore edges higher on firmer steel output, but Trump tariff pledge weighs on market

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Update time : 2024-11-26 16:30:00
The most-traded January iron-ore contract on China's Dalian Commodity Exchange (DCE) DCIOcv1 traded 0.77% higher at 786.5 yuan ($108.41) a metric ton, as of 0240 GMT.

The benchmark December iron-ore SZZFZ4 on the Singap-ore Exchange was 0.19% higher at $102.8 a ton.

The World Steel Association revised its production data upwards on Monday to show global crude steel output in October rose 1% from a year earlier, compared with a 0.4% gain reported last Friday.

In China, the world's top producer and consumer of the metal, crude steel production climbed 2.9% last month, latest data showed.

Meanwhile, Trump pledged an additional 10% tariff on all Chinese goods until Beijing stops the flow of illegal drugs into the United States.

China, the world's second-largest economy, is now in a much m-ore vulnerable position given the country's prolonged property downturn, debt risks and weak domestic demand.

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