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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.
