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Iron ore futures extended losses on Tuesday as U.S. tariffs on Chinese imports took effect, adding to market uncertainty. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) fell 1.39% to 779 yuan ($106.93) per metric ton, while benchmark April iron ore on the Singapore Exchange dipped 0.18% to $99.7 a ton, hitting its lowest level since January 15.
According to ING analysts, iron ore prices dropped below $100 per ton for the first time in nearly two months as Chinese steel mills scaled back production to curb pollution ahead of the National People’s Congress (NPC) meeting. Market sentiment also weakened as investors shifted focus from tech and AI stocks to the upcoming policy event.
U.S.-China trade tensions further pressured prices. Beijing vowed to retaliate against new tariffs, which U.S. President Donald Trump recently threatened to increase by another 10%, pushing the cumulative levy to 20%. The tariffs took effect at 0501 GMT, raising concerns over their impact on global trade. Australian miners also saw stock declines due to their heavy reliance on Chinese demand.
Despite the downturn, industry experts at Mysteel expect China’s steel market to rebound as demand from end-users recovers this month. Market sentiment could also improve with potential policy stimulus measures.
Other steelmaking materials on the DCE declined, with coking coal down 1.26% and coke falling 1.42%. Steel benchmarks on the Shanghai Futures Exchange also weakened, with rebar dropping 1.3%, hot-rolled coil losing nearly 1%, wire rod slipping 0.62%, and stainless steel edging down 0.11%.
The iron ore market remains under pressure, but hopes for a recovery persist amid stimulus expectations and improving steel demand.
