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Iron ore edges off three-month low in light holiday trade
April 14, 2017 / 1:49 AM / 5 months ago

Iron ore edges off three-month low in light holiday trade

SYDNEY, April 14 (Reuters) - Dalian iron ore edged up from three-month lows on Friday as light holiday trade allowed markets a breather from mounting stocks and a deteriorating outlook for steel in the world’s biggest user of the metal.

* Overnight iron ore for delivery to China’s Qingdao port steadied after it fell to its lowest since last November on Wednesday. Iron ore for delivery to China’s Qingdao port .IO62-CNO=MB traded at $68.68, according to Metal Bulletin.

* Iron ore on the Dalian Commodity Exchange climbed by 1.6 percent to 513.50 yuan ($75) a tonne. On Thursday it dropped to 495.50 yuan, the weakest since early January.

* The most active rebar on the Shanghai Futures Exchange rose by 2.3 percent to 2,990 yuan ($434) a tonne, after it fell to its weakest in more than two months on Thursday.

* China’s 2017 export outlook brightened considerably on Thursday as it reported forecast-beating trade growth in March and as U.S. President Donald Trump softened his anti-China rhetoric in an abrupt policy shift.

* China’s producer price inflation cooled for the first time in seven months in March, data showed this week, as iron ore and coal prices tumbled, pressured by fears that Chinese steel production is outweighing demand and threatening a glut of the metal later this year.

* The number of Americans filing for unemployment aid unexpectedly fell last week and consumer sentiment rose early this month amid continued optimism over household finances, suggesting a sharp slowdown in job growth in March was an aberration.

* Wall Street indexes fell along with U.S. Treasury yields on Thursday on safe-haven demand spurred by geopolitical worries, and the U.S. dollar rebounded after a sell-off following remarks by President Donald Trump on Wednesday was seen as an overreaction. * News that the United States dropped a massive bomb in eastern Afghanistan late on Thursday added to uncertainty.

$1 = 6.8865 Chinese yuan Reporting by Melanie Burton; Editing by Subhranshu Sahu

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