BEIJING — Iron ore futures slid on Monday as renewed concerns over demand weighed on the market, pressured by output restrictions in top consumer China’s major steel production hub of Tangshan and lingering uncertainty over US trade tariffs.
The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trading 0.68 percent lower at 731 yuan ($101.92) a metric ton.
The benchmark August iron ore on the Singapore Exchange dipped 0.37 percent to $95.5 a ton.
Steelmakers in northern China’s Tangshan city have received notice for environmental protection-related production control, information provider Tangshan Baochun Data said in a note on its WeChat account on Saturday.
Some local mills have undertaken maintenance on parts of their sintering equipment, Tangshan Baochun said, while analysts noted that the move is expected to dampen demand for iron ore.
Additionally, markets remain on edge as the US deadline on trade deals nears, ANZ analysts said in a note.
US President Donald Trump said on Sunday that he is close to finalizing several trade agreements and will notify other countries of higher tariff rates by July 9, with those rates scheduled to take effect on August 1.
