Iron ore prices fell during Wednesday’s trading amid escalating global trade tensions, touching their lowest level in more than six months.
The most actively traded iron ore futures contract for September delivery on the Dalian Exchange ended trading today down 2.68% at 689 yuan ($93.74) per metric ton, after touching its lowest level since September 24 earlier in the session at 670.5 yuan per ton.
On the Singapore Exchange, May futures fell 0.26% to $94.50 per ton at 11:14 a.m. Mecca time, after falling to its lowest level since September 24 at $91.70 per ton during trading.
This was due to concerns about a global economic recession and slowing consumption of iron ore and steel by the industrial and construction sectors due to the US trade war.
The package of tariffs imposed by Washington on all countries took full effect this morning, with President Donald Trump increasing the tariff on imports from China to 125%.
