Steel price grinds higher during the early Friday as metal buyers struggle amid mixed concerns. Even so, the industrial metal braces for the fourth consecutive weekly gain as recently softer US dollar and increased prices of iron ore favor commodity bulls.
That said, steel rebar futures on the Shanghai Futures Exchange rise 0.9%, while hot-rolled coil climbs 0.6% heading into the European session.
On the other hand, Reuters mentioned that the most-traded iron ore contract, for delivery in January next year, on China's Dalian Commodity Exchange dropped as much as 2.5% to 716 yuan ($106.16) a tonne. The contract, however, was still on track for a weekly gain of more than 1% driven by a rebound in margins at mills.
