Iron ore range-bound as investors weigh Sino-US trade talks, slow demand

BEIJING: Iron ore futures traded in a tight range on Friday as investors weighed prospects of easing Sino-US trade tensions against seasonally weak demand from top consumer China.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.43% lower at 697 yuan ($96.14) a metric ton, as of 0241 GMT.

While the benchmark June iron ore on the Singapore Exchange was up 0.45% at $96.95 a ton. US President Donald Trump predicted that punitive US tariffs on Beijing of 145% would likely come down, the latest sign of a softening tone between the two superpowers.

The United States have unveiled details of a new trade agreement with Britain. But analysts and traders maintained a cautious stance ahead of the Sino-US talks this weekend.

Average daily hot metal output - typically used to gauge iron ore demand - nudged 0.1% higher to 2.46 million tons week-on-week, as of May 8, the highest since October 2023, a survey from consultancy Mysteel showed.