Iron-ore eases as investors weigh rising supply against higher war-induced costs
Iron-ore prices eased on Thursday, as investors weighed prospects of a growing supply of the key steelmaking ingredient against higher costs stemming from the prolonged Iran conflict.
The most-traded iron-ore contract on China's Dalian Commodity Exchange (DCE) closed daytime trade down 0.32% at 783.5 yuan ($114.70) a metric ton.
The benchmark May iron-ore on the Singapore Exchange slid 0.69% to $106.55 a ton, as of 0709 GMT. Earlier in the session, it hit its highest level since March 30 at $107.5.
The Singapore benchmark has stayed well above a key psychological level of $100 for more than six weeks.
BHP Group's third-quarter iron-ore output beat expectations, and its resolution on a months-long supply contract dispute with China raised prospects of more shipments to the world's largest consumer.
Meanwhile, Rio Tinto, the world's largest iron-ore supplier, maintained its 2026 Pilbara iron-ore sales forecast at 323-million to 338-million tons, while flagging potential supply chain risks due to the Middle East conflict.
That said, the Iran war has sent energy prices surging, lifting freight and input costs, which have provided some support to iron-ore prices, curbing downside room, analysts said.
Iran seized two ships in the Strait of Hormuz as it tightened its grip on the strategic waterway after US President Donald Trump announced he was indefinitely calling off attacks, with no sign of peace talks restarting.
Other steelmaking ingredients, coking coal and coke, dipped 0.63% and 0.22%, respectively.
Most steel benchmarks on the Shanghai Futures Exchange gained ground.
Rebar nudged up 0.09%, hot-rolled coil advanced 0.33%, stainless steel edged up 0.4%, while wire rod was little changed.
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