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Iron Ore Set for Weekly Loss as Trump’s Steel Tariffs Rattle Markets
Iron ore prices dipped for a second consecutive week, pressured by renewed trade tensions after former U.S. President Donald Trump announced plans to impose a 50% tariff on steel derivative imports. The move has stirred concerns across global metals markets, weighing on investor sentiment.
In Singapore, the benchmark July iron ore contract traded lower, extending weekly losses. Chinese futures followed suit, reflecting caution amid potential disruptions to global steel trade. Despite the slide, prices managed to hold above key support levels, buoyed by consistent steel production in China.
Daily hot metal output in China remained strong, helping to support demand for iron ore even as external headwinds loom. Analysts believe the market reaction is primarily sentiment-driven, with the actual impact of tariffs expected to unfold gradually.
Other steelmaking inputs like coking coal and coke posted slight gains, while key steel products—including rebar, hot-rolled coil, and wire rod—saw modest declines in Shanghai trading.
As global markets digest the implications of rising trade barriers, iron ore traders are bracing for continued volatility. The interplay between political developments and industrial demand will remain a critical factor shaping commodity prices in the weeks ahead.
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