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Iron ore futures trimmed early gains on Wednesday, struggling to find a clear direction as market concerns about probable steel production curbs in top user China weighed on prices of the main steelmaking ingredient. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) concluded daytime trade 0.36% lower at $113.55 per metric tonne after achieving an intra-day high of ¥ 835.5 per tonne earlier.
Similarly, the benchmark July iron ore on the Singapore Exchange rose 0.5% to $107 per tonne, having risen more than 1%. During the afternoon trading session, analysts indicated that concerns about output cuts in further regions affected prices. The market chatter followed a meeting on Monday between relevant authorities in the southern province of Fujian and local steelmakers to discuss output restrictions for the year.
The Provincial Department of Industry and Information Technology did not respond to a Reuters fax seeking comment. "Except for the one for Fujian, we do not see any grounds for other talks, but they did impact price movement to some degree," said a Beijing-based analyst, requesting anonymity as he was not authorised to speak to the media.
Both benchmarks were earlier supported by a softer US dollar and hopes of sustained short-term demand. "The market lacks confidence in crude steel control this year, but it has strong expectations on an improved economy in the second half of the year, which partly explained why iron ore could be so resilient," Jinrui analysts said in a note.
Other steelmaking ingredients were down in the DCE shed, with coking coal and coke down 1% and 0.1%, respectively. Most steel benchmarks on the Shanghai Futures Exchange edged lower. Rebar dipped 0.5%, hot-rolled coil ticked 0.4% lower, wire rod lost 0.5%, while stainless steel gained 0.5%.
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