Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Asian Stocks Mixed as Korean Chipmakers Rally 
China Inflation Accelerates in August as CPI, PPI Rise 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
South Korea GDP Surges on Chip and AI Boom 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
UK House Prices Fall for First Time Since 2023 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Add as a preferred source on Google
Iron ore futures fell over 1% on Thursday, pressured by rising tariffs on Chinese steel and increasing iron ore imports into China, the world’s top consumer.
On the Dalian Commodity Exchange (DCE), the most-traded May iron ore contract dropped 1.05% to 803 yuan ($110.48) per metric ton. In Singapore, benchmark March iron ore fell 1.4% to $104.4 per ton.
A surge in Australian and Brazilian shipments, coupled with a month-on-month decline in molten iron output, has weighed on prices, according to broker Hexun Futures. Additionally, a weakening outlook for Chinese steel exports further dampened sentiment as more nations impose tariffs.
Following the U.S. decision to implement a 25% tariff on all steel products, Vietnam imposed a temporary anti-dumping duty on Chinese steel, while South Korea is considering tariffs of up to 38% on Chinese steel plate imports. The EU is also evaluating restrictions on steel imports in response to U.S. tariff moves.
Despite these pressures, daily crude steel output among China Iron and Steel Association (CISA) member mills hit a seven-month high of 2.15 million tons in mid-February, according to Mysteel.
Steel futures on the Shanghai Futures Exchange remained stable, with rebar slipping 0.03% and hot-rolled coil down nearly 0.1%. Wire rod traded flat, while stainless steel gained 0.57%. Other steelmaking raw materials saw mild declines, with coking coal falling 0.41% and coke down 0.36% on the DCE.
With global trade tensions rising and iron ore supply increasing, market participants remain cautious about future price trends.
