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Iron ore futures fell for the sixth consecutive session on Monday as escalating U.S.-China trade tensions weighed on market sentiment. However, stronger-than-expected Chinese manufacturing data helped limit losses.
The most-traded May iron ore contract on the Dalian Commodity Exchange (DCE) dropped 0.75% to 796 yuan ($109.32) per metric ton by 0254 GMT, touching a session low of 788 yuan—the weakest since January 16. On the Singapore Exchange, benchmark March iron ore dipped 0.15% to $103.1 per ton.
Investor concerns grew after U.S. Treasury Secretary Scott Bessent revealed that Mexico proposed matching U.S. tariffs on China. This followed U.S. President Donald Trump’s announcement of a 10% tariff hike on Chinese imports and plans to impose 25% tariffs on steel and aluminum from March 4. The move threatens China's $7 billion transshipment steel market, further pressuring its struggling steel sector.
Despite trade frictions, China’s factory activity expanded in February, driven by improved supply, demand, and export orders, according to a private-sector survey. Official PMI data released Saturday also showed the fastest manufacturing growth in three months, reinforcing confidence that economic stimulus measures are supporting recovery amid sluggish demand and a weak property sector.
Other steelmaking commodities on the DCE gained, with coking coal up 1.46% and coke rising 1.31%. Steel benchmarks on the Shanghai Futures Exchange also advanced, with rebar and stainless steel climbing 0.3%, hot-rolled coil up nearly 0.6%, and wire rod increasing 0.54%.
As trade tensions persist, the iron ore market remains volatile, with investors closely monitoring global policy shifts and China's economic resilience.
