BEIJING- Iron ore futures fell on Monday as the latest tariff threat from US President Donald Trump triggered broad risk-off sentiment, although signs of recovering demand in top consumer China limited losses.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) eased 0.24 percent to 818 yuan ($111.94) a metric ton as of 0247 GMT.
The benchmark March iron ore on the Singapore Exchange was 0.32 percent lower at $106 a ton.
Trump said on Sunday he will introduce fresh 25 percent tariffs on all steel and aluminum imports into the US on top of existing metals duties, in another major escalation of his trade policy overhaul.
However, signs of a pick-up in demand of the key steelmaking ingredient that had supported prices last week curbed losses.
Average daily hot metal output among steelmakers surveyed rose 1.3 percent from the last assessment prior to China’s Lunar New Year holiday break to 2.28 million tons on February 5, data from consultancy Mysteel showed.
Markets were shut for the Chinese Lunar New Year holiday from January 28 to February 5.
