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Iron ore extends gain on alleviating China demand concern, Fed rate cut bets

Iron ore futures increased for a. second straight session on Friday, underpinned by reducing. concerns over need prospects in top consumer China and firming. bets for a U.S. Federal Reserve rate of interest cut in September.

The most-traded September iron ore contract on China's. Dalian Commodity Exchange (DCE) ended daytime trade. 0.72% greater at 839.5 yuan ($ 115.90) a metric heap, after an. increase of nearly 1% on Thursday.

The benchmark July iron ore on the Singapore. Exchange was 0.51% greater at $109.35 a ton, since 0804 GMT.

The market expects daily hot metal output to stay above the. current level in the middle of talks of a production cut of approximately 20 million. tons of unrefined steel this year, experts at Jinrui Futures stated. in a note.

The National Development and Reform Commission, which stated. in early April it would continue to manage unrefined steel output in. 2024, has yet to react to a ' ask for remark sent. on Thursday.

Typical everyday hot metal output amongst steelmakers surveyed. succumbed to a third successive week, down 0.03% on week to 2.36. million lots since June 7, information from consultancy Mysteel showed.

Some traders closed their brief positions for steel. items amidst market talk of steel cut, contributing to a. rebound in the ferrous market, experts at Hongyuan Futures. stated in a note.

A softening U.S. dollar in the middle of current. weaker-than-expected data that has strengthened hopes of a rate. cut, likewise supported broad commodities including iron ore and. steel, said experts.

China's iron ore imports in May remained above 100 million. metric heaps for a third straight month, bringing the total in. the very first 5 months to 513.75 million loads, a year-on-year. rise of 7%, custom-mades data showed.

Other steelmaking components on the DCE advanced, with. coking coal and coke up 0.34% and 0.85%,. respectively.

Steel criteria on the Shanghai Futures Exchange were. higher. Rebar ticked up 0.36%, hot-rolled coil. and wire rod included 0.26%, and stainless-steel. gained 0.21%.