($1 = 6.8789 Chinese yuan) (Reporting by Amy Lv and Dominique Patton; Editing by Subhranshu Sahu)
BEIJING, April 7 (Reuters) - Dalian iron ore futures
struggled for direction on Friday after three days of losses, as
portside stocks fell further and hot metal output likely rose,
while talks of a state planner meeting on crude steel cut policy
this year weighed on the market.
Portside iron ore inventories at major ports across China
fell by 7.5% to 131.53 million tonnes in the week to April 6,
marking the sixth weekly drop in a row, data from consultancy
Mysteel showed.
The daily hot metal output is expected to increase by 1.54%
to 2.45 million tonnes over March 21-31 from the previous 10-day
period, according to data from the China Iron and Steel
Association (CISA).
Meanwhile, the market was abuzz with talks that the National
Development and Reform Commission (NDRC) will hold a meeting on
Friday to discuss details on crude steel cut policy for this
year, analysts said.
NDRC did not immediately respond to a Reuters request for
comment.
The most-traded September iron ore futures contract on the
Dalian Commodity Exchange (DCE) was 0.19% higher at
796 yuan ($115.72) a tonne, as of 0215 GMT, after shedding 4.4%
in the previous three trading sessions of this week.
The Singapore market was closed for a public holiday.
Other steelmaking raw materials including coking coal and
coke saw mixed movements. Coking coal climbed 1.14%,
while coke dipped 0.18%.
Steel futures recorded some gains, partly boosted by hopes
of the state planner finalising steel output reduction policy,
according to analysts.
Rebar on the Shanghai Futures Exchange advanced
1.11% to 3,994 yuan a tonne, hot-rolled coil rose
1.14%, wire rod climbed 0.44% and stainless steel gained 1.14%.
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