Iron ore futures traded in a tight range on Friday as investors weighed prospects of easing Sino-U.S. trade tensions against seasonally weak demand from top consumer China.

The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.43 per cent lower at 697 yuan ($96.14) a metric ton, as of 0241 GMT.

While the benchmark June iron ore on the Singapore Exchange was up 0.45 per cent at $96.95 a ton.

U.S. President Donald Trump predicted that punitive U.S. tariffs on Beijing of 145 per cent would likely come down, the latest sign of a softening tone between the two superpowers.

The United States have unveiled details of a new trade agreement with Britain.

But analysts and traders maintained a cautious stance ahead of the Sino-U.S. talks this weekend.

While near-term ore demand remained resilient, signs of weakening downstream steel consumption have threatened to hinder any upside room, said analysts.

Average daily hot metal output - typically used to gauge iron ore demand - nudged 0.1 per cent higher to 2.46 million tons week-on-week, as of May 8, the highest since October 2023, a survey from consultancy Mysteel showed.

Other steelmaking ingredients on the DCE lost further ground, with coking coal and coke down 1.23 per cent and 1.15 per cent, respectively.

Steel benchmarks on the Shanghai Futures Exchange retreated. Rebar shed 0.98 per cent, hot-rolled coil lost 0.75 per cent, wire rod fell 1.95 per cent and stainless steel edged 0.16 per cent lower.

Source: ET Energy World.com

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