MARKET OVERVIEW - Iron ore traded within a narrow range as production cuts and steel demand were assessed.

Foreks - Iron ore futures traded within a narrow range today as investors assessed production cuts in China's steel sector against seasonal demand for steel production components. At the Dalian Commodity Exchange (DCE), May iron ore recorded a slight decline of 0.06% to 778 yuan/ton ($107.11) at 06:01 GMT. Meanwhile, the benchmark April iron ore on the Singapore Exchange increased by 0.07% to $101.65/ton.

According to analysts, Rizhao Iron & Steel plans to complete the dismantling of four 1,080 cubic meter blast furnaces by early April, eliminating an annual hot metal production of 1.9 million tons. Local reports indicate that several steel producers in China's Xinjiang region have begun production cuts following Beijing's announcement of intentions to reduce capacity in a sector long plagued by overcapacity issues.