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Iron ore futures fell on Monday, snapping a four-day rally as rising levies on Chinese steel weakened demand prospects. However, declining portside inventories in China limited the losses.
The most-traded May iron ore contract on the Dalian Commodity Exchange (DCE) dropped 0.89% to 831.5 yuan ($114.87) per metric ton as of 0250 GMT. Meanwhile, the benchmark March contract on the Singapore Exchange inched 0.22% lower to $108.25 per ton.
Vietnam imposed a temporary anti-dumping tariff of up to 27.83% on some Chinese steel imports, following similar actions by the U.S. and South Korea. This move adds pressure to China’s steel sector, impacting iron ore demand.
Chinese blast furnace steel mills continued cutting production as regular maintenance work increased. According to consultancy Mysteel, the capacity utilization rate of surveyed mills declined for the second consecutive week, with daily hot metal production down 0.21% to 2.28 million tons as of February 20. Hot metal output serves as a key indicator of iron ore demand.
Despite lower demand, global iron ore shipments have slightly declined year-on-year, influenced by adverse Australian weather, Hexun Futures reported. Additionally, China’s portside iron ore inventories dropped 1.15% to 145.8 million metric tons as of February 21, according to SteelHome data, signaling potential supply tightening.
Other steelmaking inputs also posted losses on the DCE, with coking coal falling 1.77% and coke dropping 2.46%. Most steel benchmarks on the Shanghai Futures Exchange followed suit, with rebar down 0.8%, hot-rolled coil slipping 1.3%, and stainless steel dipping 0.49%, while wire rod gained 0.76%.
As the global steel market reacts to new tariffs and production shifts, iron ore traders remain cautious amid fluctuating demand and supply trends.
