SINGAPORE – Iron ore futures prices fell for a third consecutive session on Tuesday, pressured by escalating trade tensions between the US and top consumer China, largely outweighing support from seasonal demand for the steelmaking ingredient.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.84 percent lower at 748.5 yuan ($102.15) a metric ton.
Earlier in the session, prices hit 745.5 yuan to touch their lowest levels since January 9.
The benchmark May iron ore on the Singapore Exchange was 1.9 percent lower at $95.7 a ton.
“Iron ore futures have unsurprisingly responded to yet another escalation in tit-for-tat trade measures between the world’s two largest superpowers,” said Atilla Widnell, managing director at Navigate Commodities.
US President Donald Trump said he would impose an additional 50 percent duty on US imports from China on Wednesday if Beijing did not withdraw the 34 percent tariffs it had imposed on US products last week.
