Oil Slides as Ships Move Toward Hormuz — -2-

0216 GMT - Iron ore rises in Asian trade. Global crude steel output fell in April, but less sharply than in March as the pace of contraction in China's steel output eased, Commonwealth Bank of Australia's Vivek Dhar says in a note. A steeper drop in March was likely due to policy-driven steel production cuts, the analyst says. However, steel-mill margins in China remain under pressure, reflecting headwinds facing the country's infrastructure and property construction activity, which account for a large part of China's steel consumption, he adds. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.7% higher at 798.00 yuan a metric ton. (megan.cheah@wsj.com)

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