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Iron ore prices have dropped following new tariffs on Chinese steel exports. These trade measures are expected to lower demand for iron ore, a key raw material in steel production.
On February 24, 2025, the most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) fell 0.77% to 832.5 yuan ($114.95) per ton. The benchmark March iron ore contract on the Singapore Exchange also dipped by 0.18% to $108.3 per ton, halting a four-day rally.
Vietnam has imposed anti-dumping duties of up to 27.83% on certain Chinese steel products, joining the U.S., which earlier implemented a 25% tariff on all steel imports. South Korea has also placed provisional tariffs on Chinese steel plates. These policies are likely to curb China’s steel exports, reducing its iron ore consumption.
Additionally, China’s domestic steel industry is slowing down. Blast furnace capacity utilization has dropped for the second straight week, and daily hot metal output declined 0.21% to 2.28 million tons as of February 20. These trends suggest cautious steel production amid market uncertainty.
On the supply side, adverse weather in Australia has slightly reduced global iron ore shipments. Meanwhile, Chinese portside iron ore inventories fell by 1.15% to 145.8 million metric tons, providing some price support.
Market analysts are closely watching these developments. The combination of trade restrictions and production shifts in China will continue shaping global iron ore trends in the coming months.
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