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The top cases in the US Supreme Court docket
During its current term, the U.S. Supreme Court weighs a number of important cases involving such issues as presidential powers and tariffs, gun rights, race, transgender sportspeople, campaign finance laws, voting rights, LGBT “conversion therapy”, religious rights, capital punishment, and more. The term began in October, and will run through June. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP TARIFFS During arguments on 5 November, the justices raised questions about the legality and impact of Trump’s sweeping tariffs. This case has implications for the global economic system. It is a test of Trump’s power. Conservative and liberal justices questioned the lawyer for Trump's administration on whether or not a 1977 law intended to be used during national emergencies had given Trump the authority he claimed in order to impose tariffs, or if the president had stepped into the powers of Congress. Some conservative justices also emphasized the inherent authority that presidents have when dealing with foreign nations, suggesting the court may be divided on the case's outcome. Lower courts ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This was challenged by 12 U.S. States and various businesses. The ruling is expected to be made by the end of June. Birthright Citizenship The court has agreed to rule on the legality Trump's directive restricting birthright citizenship. This is a controversial part of Trump’s efforts to curb immigration, and would change the way a 19th-century constitutional provision was long understood. The lower court blocked Trump’s executive order, which instructed U.S. agencies to refuse to recognize citizenship for children born in the U.S. when neither parent was an American citizen or a legal permanent resident (also known as a "green-card" holder). The court found that Trump's directive violated the 14th Amendment of the U.S. Constitution and federal law codifying the birthright citizenship rights. This ruling was made in response to a class action lawsuit filed by parents and their children who felt threatened by this directive. Arguments in the case have not been scheduled. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, the 1965 landmark law enacted to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court ruled that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitutional promise of equal treatment. The ruling is expected to be made by the end June. TRUMP'S FIRE OF FED OFFICIAL On January 21, the justices will hear arguments about Trump's bid to remove Federal Reserve governor Lisa Cook. This is the first time a president has attempted to fire a Fed officer, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. Congress created the Fed in 1913 and passed the Federal Reserve Act, which included provisions that shielded the central bank from political interference. The law required governors to only be removed "for cause" by the president, though it did not define this term or establish procedures for removal. Federal Trade Commission Firing The conservative justices of the court have signaled that they will uphold Trump's legality in firing a Federal Trade Commission Member and also give a historical boost to presidential powers while also threatening a 90-year old legal precedent. On December 8, the court heard arguments in the Justice Department appeal of the lower court's ruling that the Republican President exceeded his authority by dismissing Democratic FTC member Rebecca Slaughter before the term she was due to finish. The conservative justices seemed sympathetic to the Trump Administration's argument that tenure protections granted by Congress to heads of independent agencies illegally infringed on presidential powers under the U.S. Constitution. Trump was allowed to remove Slaughter until the case concluded. The court is expected to make a decision by the end June. LGBT 'CONVERSION THERAPEUTY' The conservatives on the court appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy", which aims to change minors' sexual orientation or gender identities. A Christian licensed counselor challenged this law under First Amendment protections from government abridgment. Colorado said that it regulates professional conduct and not speech and has the legal right to prohibit a healthcare practice they deem unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June. TRANSGENDER SPORTS PARTICIPATION On January 13, the court will hear Idaho and West Virginia's bid to enforce their state laws that ban transgender athletes in female sports teams within public schools. This is another civil rights challenge against Republican-backed "restrictions" on transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based sex or transgender status, in violation of Title IX civil rights law that prohibits sex discrimination in schools and the 14th Amendment of the U.S. Constitution. HAWAII GUNS LAW On January 20, the justices will hear a challenge against a Hawaii Law that restricts the carrying of handguns in public places, such as businesses. This gives the court an opportunity to expand gun rights. Three Hawaii residents who hold concealed carry licenses, and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property. Drug Users and Guns On March 2, the justices will hear arguments from the Trump administration in a Texas case that involves a dual American/Pakistani national to defend a federal gun law which prohibits users of illegal drugs. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. The Gun Control Act, which was passed in 1968, prohibited gun ownership by drug users. CAMPAIGN FUNDING The court heard arguments in December 9 on a Republican-led attempt to overturn federal limits on spending by parties and candidates coordinated with each other in a case that involved Vice President JDVance. The conservative justices seemed to be sympathetic towards the challenge. However, the three liberal members of the court appeared inclined to maintain the spending limits. The debate centers around whether federal limits on campaign spending coordinated with candidates' input violate First Amendment protections against government abridgment. Vance and Republican challengers have appealed the ruling of a lower court that upheld restrictions regarding the amount of money political parties can spend in campaigns, with input from candidates who they support. This type of spending is called coordinated party expenses. The ruling is expected to be made by the end June. MAIL-IN-BALLOTS The Mississippi defense will be heard in the court. Republicans have challenged a Mississippi state law that allows a five-day grace for mail-in votes received after Election Day. This case could lead to stricter voting laws across the United States. A lower court declared illegal the state's law that allows mail-in votes sent by certain voters be counted even if they are postmarked before Election Day, but arrive up to five days after an election. Arguments in this case have not been scheduled. U.S. ASYLUM - PROCESSING: The court agreed to hear Trump's administration's defense that the U.S. government has the authority to limit asylum processing at the ports of entry on the U.S. - Mexico border. The Trump administration appealed the lower court's ruling that the "metering policy" was illegal. This allowed U.S. Immigration officials to stop asylum seekers and refuse to process their claims at the border. Former President Joe Biden rescinded the policy, but Trump has said that he would be open to resuming its use. Arguments in the case have not been scheduled. CRISIS PREGNANCY COUNTER The court seems to be inclined to side with Christian faith-based antiabortion crisis pregnancy centers in New Jersey, in a dispute arising from an investigation by the state attorney general into whether or not these facilities engages in deceptive practice. During the December 2 arguments, a large majority of the Justices appeared to be inclined to revive a lawsuit filed by First Choice Women's Resource Centers against Democratic Attorney General Matthew Platkin's subpoena 2023 seeking information about the organization's doctors and donors. First Choice's facilities are designed to discourage women from getting abortions. The decision is expected to be made by the end June. RASTAFARIAN INMATE The conservative justices seemed inclined to reject the Rastafarian inmate's attempt to sue Louisiana state prison officials after they shaved his head in violation of religious beliefs. On November 10, the case was argued in front of the court under a federal statute protecting incarcerated persons from religious discrimination. Plaintiff Damon Landor whose religion demands that he let his hair grow appealed the decision of a lower court to dismiss his lawsuit, because they found that the statute in question did not allow him?to sue individual officials for financial damages. The ruling is expected to be made by the end June. DEATH ROW INMATE The court heard arguments in December in an attempt by Alabama officials in order to pursue the execution for an inmate who was convicted of a murder in 1997 after a lower judge found him intellectually disabled, and therefore ineligible to receive the death penalty. The Republican-led state has appealed a lower court ruling that Joseph Clifton Smith was intellectually disabled based upon his intelligence quotient (IQ), test scores, and expert testimony. In a 2002 Supreme Court decision, the court ruled that executing a person intellectually challenged violated the Eighth Amendment of U.S. Constitution prohibiting cruel and unusual punishment. The Supreme Court is expected to rule by the end June. COX COPYRIGHT DISSERT The court heard arguments in December in an attempt by Cox Communications, a provider of internet services, to avoid financial responsibility in a major copyright lawsuit brought by record labels who accused Cox of allowing its customers to piracy thousands of songs. Justices appeared to be skeptical about Cox's claim that mere knowledge of user piracy was not enough for it to be held liable for copyright violations. A lower court ordered that a new trial be held to determine the amount of money Cox owes Sony Music Group, Warner Music Group Universal Music Group, and other labels in relation to contributory copyright violations. Cox, which is the largest division of privately-owned Cox Enterprises said that the retrial may result in a verdict of up to $1.5 billion against it. The ruling is expected to be made by the end June.
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As markets move past Venezuela's turmoil, European stocks are rising and the dollar is steady.
The stock markets rallied in the early European trading of Tuesday as traders' appetite for risk was not dampened by the U.S. raid on Venezuelan President Nicolas Maduro and his capture. Europe's STOXX 600 reached a record high on Monday, and the Dow Jones Industrial Average on Wall Street also hit new records thanks to gains by U.S. financials and oil companies. Tuesday's Asian trading was characterized by a risk-on attitude, while European stocks opened higher. The United States had taken him to New York over the weekend and seized him. On Monday, Nicolas Maduro, the ousted Venezuelan president, pleaded no contest to drug charges. The STOXX600 was up 0.1% at 1000 GMT after touching a new high earlier in session. The MSCI World Equity Index rose 0.2% while London's FTSE 100 climbed 0.4%. It doesn't seem to be a serious market shiver. Fiona Cincotta is a senior market analyst at City Index. She said that the market does not price in an increase in risk or a ripple impact of Trump possibly stepping into other countries in South America. Investors bet that Washington would allow U.S. companies access to Venezuelan oil reserves. Donald Trump, the U.S. president, plans to meet with executives of U.S. companies to discuss increasing Venezuelan oil production later this week, according to a source familiar with the situation. Analysts said that it is too early to determine the impact of Venezuela's oil production. Oil prices rose slightly on Tuesday. Brent crude futures rose 0.3% to $61.94 per barrel. In a research report, UBS analysts stated that "Venezuela’s energy infrastructure is in a state of severe disrepair. Any meaningful production recovery will at best be a multiyear prospect." U.S. ECONOMIC DATA WILL SET MARKET TANE The U.S. Dollar was steady with the dollar index standing at 98.395. The dollar index was at 98.395 in the last session, which is a steady level. It surged to a four-week-high during the previous session. However, it lost all its gains when a measure for U.S. Manufacturing Activity fell to a fourteen-month-low. The euro was barely changed at $1.1715. Markets were buoyed by expectations of U.S. rate cuts. The traders were focusing on the U.S. employment report due Friday. This will affect market expectations on monetary policy. According to LSEG, financial markets are pricing in at least two Federal Reserve rate reductions this year. Neel Kazhkari, Minneapolis Fed president, warned that the unemployment?rate may "pop" up in a CNBC interview Monday. However, he said inflation was slowly on the decline. UBS analysts stated that "while Kashkari’s neutral stance could slow expectations for rate cuts, we believe continued labor market weakness will keep the FOMC in line for another rate reduction this quarter. This will maintain downward pressure on US dollar." PMI data revealed that the euro-zone economy grew at a slower rate last month, but had its best quarterly growth for more than two year's by 2025. Prices rose less than expected in France but 1.8% more in Germany's largest state. After the data was released, euro zone government bond rates dropped. The benchmark German ten-year yield is now at 2.8561%. Gold spot prices were around $4,451, which is a week-high. Copper reached a new high. (Reporting and editing by Elizabeth Howcroft, Hugh Lawson).
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Indian shares fall from near record levels as Reliance and HDFC Bank weigh
Reliance Industries, HDFC Bank and other heavyweight stocks weighed on the Indian equity benchmarks, which fell from near-record highs Tuesday. Quarterly business updates also influenced stock movements. The Nifty 50 dropped?0.27% at 26,178.7, and the Sensex fell 0.44% at 85,063.34. In two sessions, the indexes have fallen by 0.6% and 0.8%. Ten of 16 major sectors rose. The small-caps and the mid-caps both fell by 0.2%. Reliance Industries' stock, which is the second-heaviest on the benchmarks index, fell 4.5%. This was its steepest percentage drop in a single day since the announcement of the general election results for India, June 4, 2024. Reliance announced that it did not expect Russian crude to be delivered in January, after U.S. president Donald Trump warned Washington would raise tariffs against India for its oil purchases. Vinod Nair is the head of research for Geojit Investments. He said that Trump's negative rhetoric could be detrimental to India's stock market at a time when it was anticipating the capping U.S. Tariffs at 25%, down from 50%, and the finalisation of the full trade agreement. Reliance shares were also affected by concerns about rising competition in the retail segment, following Trent's less-than-expected growth in sales for the December quarter. Shares of the apparel retailer fell 8.6% in one day. CLSA has also removed the Reliance model from its India portfolio. HDFC Bank, India's largest private bank, dropped by 1.6% on Tuesday, adding to the 2.4% drop of Monday, due to concerns about slower deposit growth. ICICI Bank jumped 2,9% and led the financials by 0.3% on optimism?over improvements in credit growth and earnings?for the sector?in December quarter. JSW Steel fell 0.8% while Tata Steel was at a high after reports that companies had violated antitrust laws. Apollo Hospitals rose 3.7% to top the Nifty gainers after Citi raised the price target on the stock due to strong earnings visibility.
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Machado, Maduro's opponent, vows to return and wants elections
Maria Corina Machado, Venezuela's principal opposition leader, has promised to return to Venezuela as soon as possible. She praised U.S. president Donald Trump for toppling Nicolas Maduro her rival and declared her movement prepared to win an election free of charge. "I plan to return to Venezuela as quickly as possible," said Machado. Machado is a 58-year-old lawyer and mother of three who fled Venezuela in October in disguise to accept the Nobel Peace Prize. She dedicated it to Trump. She told Fox News late Monday that she believed the transition should continue. "We won an election in?2024, by a large margin under fraudulant conditions. We will get over 90% of votes in free and fair elections. Machado stated that she hadn't spoken to Trump since the Nobel Prize was announced on October 10. He said that the United States must help Venezuela resolve its problems before holding new elections. We must first fix the country. It's impossible to hold an election. Trump said that there was no way people could vote. VENEZUELA IS STILL RULED BY SOCIALISTS AND PARTY LIYALISTS Machado, in her first interview since Maduro's capture by the U.S. last weekend, did not reveal her location, nor any details about her plans to return to Venezuela where she is wanted for arrest, and Socialist Party supporters remain at power. Trump's lack of support for Machado has disappointed opposition activists as well as the diaspora, which is one fifth of Venezuelans who left the country during the economic collapse under Maduro or his predecessor Hugo Chavez. Trump, the opposition and some international observers believe that the opposition lost the 2024 elections, in which Machado had been banned from running and an ally was chosen instead. However, Trump says she does not have support in Venezuela. The?U.S. The?U.S. Machado stated that Delcy Rodriguez is "one of the principal architects of torture and corruption." Machado said that Delcy Rodriguez is a "main ally, liaison, and agent of Russia, China and Iran. She's not someone who can be trusted by investors from around the world, and she has been rejected by Venezuelans." GRATITUDE AND THANKS TO TRUMP Machado has been a 'full-throated' defender of Trump. She said she would personally award him the Nobel prize. "He has proved to the world what his means. "January 3rd, will be remembered as the day that justice overcame a tyranny", she said about Saturday's raid in Venezuela. "I want to express today, on behalf of Venezuelans, our gratitude for his courage and the historical actions that he took against this narco terrorist regime. It's an important step in the direction of a democratic transformation." Machado said that Venezuela, with the world's largest oil reserves and the U.S., as its principal ally, would become the hub of energy in the Americas. It would also restore the rule of law, establish open markets, return exiles to their homelands and offer security for foreign investment. Sources said that for now, Trump was told by the CIA, that Rodriguez and senior officials?from Maduro’s government are best suited to maintain stability. The government has ordered the arrests of those who have collaborated in the capture of Maduro. In a sign that the atmosphere is tense in Venezuela, fourteen journalists were briefly detained on Monday while covering events in Caracas. Video footage verified by shows shots fired into the night skies in Caracas. A Venezuelan official claimed that this was done by police to discourage unauthorised drones. In a message to reporters, Simon Arrechider, vice minister of communication, said: "There was not a confrontation. The entire country is calm." MADURO PLEADS NOT GUILTY IN NEW YORK ?COURT Maduro, who is 63 years old, denied the charges of narcotics on Monday. He claimed to be a "decent person" and that he was still President of Venezuela, while shackled around the ankles in orange and beige prison garb. Cilia Flores pleaded guilty to being captured with him. The next court date is March 17, Maduro faces four criminal charges: narcoterrorism, cocaine importation conspiracies, and possession of machine guns and destructive devices. He has denied these allegations for years, claiming they are a ruse to hide imperialist intentions on Venezuela's oil resources. Venezuela is the country with the largest oil reserves in the world - 303 billion barrels of heavy crude, mostly in the Orinoco area. The sector has been declining for years due to mismanagement, lack of investment and the?U.S. The sanctions have resulted in a 1.1 million barrels per day average last year. This is a third less than the output of the 1970s. Maduro's Vice President, Rodriguez, was sworn in to be the interim leader. Officials in Caracas are torn between angered defiance and possible cooperation with Trump who has threatened a military strike again if they do not please him. Russia, China, and Venezuela's socialist allies have condemned Trump's actions. It is the largest U.S. invasion in Latin America since 1989's invasion of Panama. Legal experts have questioned the validity of this action, and many allies are calling for adherence to international law and dialogue. Trump said that the U.S. now controls Venezuela and is working with private companies to revive the oil industry. (Reporting and writing by Bureau worldwide, editing by Timothy Heritage).
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China's demand for iron ore has pushed the price of iron ore to a 5-month high.
Iron ore rose to its highest level in more than five months Tuesday, underpinned by a resilient consumer demand in China and broad-based gains on the stock markets. The May contract for iron ore on China's Dalian Commodity Exchange gained 0.69%, to 801 Yuan ($114.77), per metric ton. The market reached its highest level since late July, at?806 per ton. As of 0819 GMT, the benchmark February iron ore traded on the Singapore Exchange rose 0.74% to $106.55 per ton. The iron ore futures market?ended on a positive note in 2025 as the?demand for steel in China was?strong and steelmakers were restocking in preparation for the Lunar New Year holidays in February. From December 26 to 31, the capacity of Chinese electric arc and blast furnace steel furnaces increased by 0.32%, respectively. This indicates a higher demand for feedstock. Chinese Stocks Investor sentiment was positive ahead of the Lunar New Year, and shares rose to their highest level in more than a decade. Hong Kong shares also rose. Coking coal and coke, the other steelmaking ingredients, fell 0.1% and 0.72% respectively. Steel benchmarks rebar fell 0.1%. Hot-rolled coils gained 0.18%. Wire rods advanced 0.67%. Stainless steel grew 1.82%. $1 = 6.9794 Yuan (Reporting and editing by Sumana Nandy, Harikrishnan Nair).
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China bans the export of dual-use military items to Japan
China has banned the export of dual-use products to Japan, which can be used to military purposes, according to a statement from its commerce ministry on Tuesday. This is Beijing's response to the recent comments made by Japan's prime minister about Taiwan. Dual-use items are products, software, or technologies with both civilian and military uses, such as certain rare earth elements, which are vital for drones and chips. The statement added that any organisation or individual from any country that violates the ban will be held liable. Beijing and Tokyo's relations have deteriorated since Prime Minister Sanae Takaichi stated that a Chinese attack against the democratically-governed island of Taiwan would be considered an existential danger to Japan. Beijing said that the remarks were provocative. Taiwan is a part of China's territory. Taipei denies this claim. Later, the?Chinese Foreign Ministry questioned Japan's motivations in Taiwan. It said that its "provocations", could be used as a pretext to build up its military and overseas missions. The Japanese Cabinet approved in late December a record-breaking spending package for the fiscal period beginning in April. This included a 3.8% rise in the annual budget of the military, which now stands at 9 trillion yen (57.7 billion dollars). China's Xinhua News Agency commented in December that it was "alarming", in recent years, to see Japan "dramatically" re-adjust its security policy. It said Japan increased its defence expenditure year after year and relaxed restrictions on?exports. They also stated they were working to develop offensive weapons, and planning to abandon the three non-nuclear principle. China slowed down exports of rare Earths to Japan more than a decade ago during a diplomatic dispute. China's customs data has not yet shown any sign of a decrease in rare earths exports to Japan, despite the fact that data is being released with some delays. Exports increased 35% in November, the last month with data. This was the highest total of the year. Reporting by Ethan Wang and Yukun Zhang; Editing by Shri Navaratnam, Thomas Derpinghaus
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The Gulf exchanges are gaining on the rise in Fed rate-cut bets
The Gulf stock markets rose early on Tuesday, after the Federal Reserve officials' dovish comments prompted a rise in interest rate bets. However, weak oil prices limited gains. Neel Kazhkari, Minneapolis Fed president, said that inflation was gradually decreasing but that unemployment could "pop". This would increase the likelihood of rate cuts. Investors await the non-farm payrolls data on Friday for new clues about?the Fed?s next move. CME's FedWatch showed traders inclining toward easing. The Fed's position?has implications for Gulf economies where most currencies are pegged to the U.S. Dollar, making it a stable anchor for regional currency. Saudi Arabia's benchmark stock index rose 0.1% thanks to a 3.7% increase in Saudi Arabian Mining Company. Dubai's main stock index rose 0.6% with Emaar?Properties, a blue-chip developer, rising 1.1%. Abu Dhabi's Index increased by 0.3%. A survey on Tuesday showed that the non-oil sector of the United Arab Emirates maintained a robust growth in December, even though it was a little slower than a month ago. The Qatari index rose 0.4% led by the Qatar National Bank, which grew 1.3%. The market also weighed the possibility of increased Venezuelan crude production following the capture of President Nicolas Maduro by the U.S. (Reporting and editing by Sumana Naandy in Bengaluru, Ateeq Sharif in Bengaluru)
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FT reports that Italy and Pirelli are exploring new ways to stop Chinese involvement in tyremaker.
The?Italian?government and Pirelli, the?tiremaker, are looking at new ways to stop Sinochem from investing in the?company based in Milan. This is due to pressure coming from?the United States. The Financial Times reported Tuesday that the United States was exerting pressure on Pirelli. Camfina, Pirelli's Italian-American investor, had complained earlier that Sinochem was preventing the tyremaker from expanding in the U.S. as Washington tightens restrictions on Chinese technology for the automotive industry. According to LSEG 'data, Sinochem is Pirelli’s?largest shareholder with a stake in the company of approximately 34.1%. Rome is considering a new intervention, as Washington's upcoming ban on Chinese-backed software and hardware that interacts with U.S. vehicles comes into effect in March. The FT report could not be verified immediately. Pirelli refused to comment. Sinochem and Italian government officials did not respond to requests for comment. Sinochem and the Italian government did not respond to requests for comment. Reports indicate that U.S. officials have pressed Italy in recent months to reduce Sinochem's power, while Pirelli made several proposals to Sinochem, including a stake-sale, but Sinochem didn't immediately respond. According to a report in the FT, Sinochem?last week appointed BNP Paribas?as advisers?to investigate sale options. Last year, sources close to the matter said that Sinochem would consider bids for its Pirelli share if they came with a premium. (Reporting by Bipasha Dey in Bengaluru; Editing by Harikrishnan Nair)
Demand for iron ore is high and supplies are tight, resulting in a rise of iron ore prices at the start of the New Year.
Iron ore futures rose on Monday as the New Year began on a positive note. This was aided by?strong Chinese demand and ongoing supply restrictions.
After the Chinese New Year holidays, the Shanghai Futures Exchange and the Dalian Commodity Exchange resumed trading after the New Year.
As of 0243 GMT, the most-traded contract for May iron ore on?the DCE was trading 0.76% higher. It was 795.5 Yuan ($113.94).
The benchmark iron ore contract for February?on Singapore Exchange increased 0.29% to $100.65 a ton.
Steelmakers are restocking iron ore ahead of the Lunar New Year holiday in February. Tight domestic supplies also support prices.
According to a Shanghai Metals Market note, China's iron ore supply is still constrained. Several mines have limited production due to environmental measures.
Mysteel, a consultancy, reported that the stocks of five major carbon steel products held by Chinese steelmills dropped 1.1% on a week-to-week basis to 3.81 million tonnes between December 26 and 31.
Coking coal and coke, which are used to make steel, also fell in price.
The steel benchmarks were mixed on the?SHFE. Hot-rolled coils fell 0.49%, while rebar dropped 0.38%. Wire rod grew by 4.93%, while stainless steel rose 0.65%.
(source: Reuters)