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Iron ore futures fell on Friday, poised for modest monthly losses as U.S. tariffs and escalating trade tensions pressured Chinese steel exports.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) dropped 0.43% to 802 yuan ($110.07) per metric ton as of 0250 GMT, losing 0.93% in February. Singapore’s benchmark March iron ore contract declined 0.89% to $104.15 a ton, marking a 0.59% monthly loss.
U.S. President Donald Trump reaffirmed a 25% tariff on Mexican and Canadian imports starting March 4, alongside an additional 10% duty on Chinese goods, totaling a cumulative 20% tariff. Trump also announced a 25% tariff on all steel and aluminum imports, exacerbating trade tensions with China.
Vietnam and South Korea have implemented temporary tariffs on Chinese steel, further pressuring China’s struggling steel sector. The U.S. steel tariffs are expected to disrupt China’s $7 billion steel transshipment market, impacting a crucial revenue source.
Meanwhile, concerns over China’s trade-in scheme inefficiencies could prompt consumer-focused policies when the annual parliamentary meeting begins on March 5.
Steel futures on the Shanghai Futures Exchange mostly declined. Rebar fell 0.42%, hot-rolled coil dipped nearly 0.5%, and wire rod lost 0.34%, while stainless steel gained 0.3%. Domestic steel demand showed signs of recovery, with major steel product inventories decreasing 2.3% to 5.37 million tons, according to consultancy Mysteel.
Other steelmaking ingredients on the DCE edged up, with coking coal rising 0.09% and coke increasing 0.3%.
As global trade tensions persist, investors remain cautious about iron ore and steel market trends.
