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Iron ore ends off three-month low in holiday-thinned trade
April 14, 2017 / 7:45 AM / 8 months ago

Iron ore ends off three-month low in holiday-thinned trade

(Adds detail, updates prices)

SYDNEY, April 14 (Reuters) - Dalian iron ore edged up from three-month lows on Friday as holiday-thinned 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 Qingdao .IO62-CNO=MB traded at $68.68, according to Metal Bulletin.

* Iron ore on the Dalian Commodity Exchange cut early gains of more than 1.5 percent to end at 507.50 yuan ($74) a tonne, up half a percent. On Thursday it dropped to its weakest since early January at 495.50 yuan.

* The most active rebar on the Shanghai Futures Exchange also cut gains to finish at 2,942 yuan ($427) a tonne, up 0.6 percent, after it fell to its weakest in more than two months on Thursday.

* North Korea denounced the United States on Friday for bringing “huge nuclear strategic assets” to the Korean peninsula as a U.S. aircraft carrier group headed for the region amid concerns the North may conduct a sixth nuclear weapon test.

* News that the United States dropped a massive bomb in eastern Afghanistan late on Thursday added to uncertainty.

* Japanese and South Korean shares fell while the won currency came under pressure on Friday, as the rising tensions in the Korean peninsula dented confidence in the world’s economy.

* Chinese banks extended 1.02 trillion yuan ($148.14 billion) in net new yuan loans in March, below analyst expectations.

* 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.

* Australian miner Fortescue Metals Group sees iron ore prices continuing to fall to between $60 and $65 a tonne as imports to China continue to rise.

* 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 jobs growth in March was an aberration. ($1 = 6.8865 Chinese yuan) (Reporting by Melanie Burton; Editing by Subhranshu Sahu)

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