![\"\"\/](\"https:\/\/s3-symbol-logo.tradingview.com\/metal\/iron.svg\"){kind=logo}
TIO1!<\/a> added 0.46% to 765 yuan ($107.40) a metric ton, as of 0235 GMT.<\/p>\nThe benchmark December iron ore (SZZFZ5) on the Singapore Exchange fell 0.12% at $102.05 a ton as of 0225 GMT.<\/p>\n
The recent price drop has triggered some divergence in market outlook, leading to a consolidation in prices, said Steven Yu, a senior analyst at consultancy Mysteel.<\/p>\n
“Bulls believe an annual fall in the year-to-date crude steel output left less pressure on production cuts in the rest of the year; also there are hopes of stimulus measures to be unveiled in the politburo meeting in December,” Yu added.<\/p>\n
China’s crude steel output fell 2.9% year-on-year in the first nine months through September, official data showed last month, with October figures due on Friday.<\/p>\n
In March, Beijing pledged to restructure its vast steel industry through output cuts.<\/p>\n
China has capped the annual crude steel output growth since 2021 as part of its carbon reduction goals.<\/p>\n
Bears, however, are betting on lower demand as some mills continue to trim production, Mysteel’s Yu said.<\/p>\n
Several steelmakers have scaled back output amid dwindling steel demand and persistently high raw materials costs that have squeezed margins.<\/p>\n
Coking coal NYMEX:ACT1! and coke (DCJcv1), other steelmaking ingredients, were little changed.<\/p>\n
Steel benchmarks on the Shanghai Futures Exchange were mixed. Rebar ($1 = 7.1230 Chinese yuan)<\/p>\n","protected":false},"excerpt":{"rendered":"Iron ore futures traded in a tight range on Tuesday, as investors weighed hopes of fresh stimulus from…\n","protected":false},"author":2,"featured_media":88072,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-133570","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/133570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=133570"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/133570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/88072"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=133570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=133570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=133570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"\/](\"https:\/\/s3-symbol-logo.tradingview.com\/metal\/steel.svg\"){kind=logo}
RBF1!<\/a> advanced 0.13%, hot-rolled coil EHR1!<\/a> rose 0.52% while wire rod (SWRcv1) eased 0.03% and stainless steel ![\"\"\/](\"https:\/\/s3-symbol-logo.tradingview.com\/commodity\/ferrous.svg\"){kind=logo}
HRC1!<\/a> dipped 0.4%.<\/p>\n