Iron ore, steel price pare losses amid mixed concerns over recession, China ahead of US NFP

Metal prices struggle to defend the latest recovery moves as traders await the US employment data during early Friday morning in Europe.

That said, iron ore futures print mild gains while steel price seesaws around a monthly peak as traders consolidate recent moves.

Even so, iron ore braces for the sixth weekly fall in prices of the front-month September contract on the Singapore Exchange, up 4.3% around $110.30. The stated iron ore contract tested the lowest levels in nearly two weeks the previous day, to $104.70. Elsewhere, China's Dalian Commodity Exchange, the most-traded January 2023 contract advanced 0.9% to 711.50 yuan ($105.45) a tonne, said Reuters.

On the other hand, steel rebar prices on the Shanghai Futures Exchange rose 0.5% whereas hot-rolled coil and stainless steel gained 0.7% and 0.4% on a day by the press time.