Iron ore prices turned steady on Monday, after falling on expectations of shrinking Chinese demand following Vietnam’s imposition of temporary anti-dumping duties on steel imports from Beijing, in addition to the new US administration implementing its protectionist agenda.
March iron ore futures on the Singapore Exchange were steady at $108.40 per metric ton at 11:47 a.m. Mecca time, after falling 0.13% to $108.35 per ton earlier in the session.
The most active May iron ore futures on the Dalian Exchange in China fell 0.77% to 832.5 yuan ($114.95) per ton by the end of morning trading, following a series of gains that lasted for four sessions.
Vietnam has imposed a provisional anti-dumping duty of 27.83% on steel imports from some Chinese companies starting March 7 for 120 days, Reuters reported.
This comes after the United States earlier this month imposed a 25% tariff on steel imports from all countries, in addition to targeting Chinese imports with a 10% tariff across the board.
These protectionist measures have diminished Beijing’s demand prospects for iron ore, but a decline in its stocks at Chinese ports has somewhat eased those concerns.
