Iron ore futures fell on Monday to their lowest in more than a month, as market sentiment weakened over demand from the world’s second-largest economy.
The most active May iron ore contract on the Dalian Exchange closed down 2.21% at 751.5 yuan ($102.54) a tonne, the lowest close since Nov. 19.
On the Singapore Exchange, the February iron ore contract fell 1.59% to $96.65 a tonne at 01:19 p.m. Mecca time.
Chinese consultancy Hexson Futures said global iron ore supplies had recently been at a high level, supported by shipments from Australian mines, while average production is likely to decline over the coming week, Reuters reported.
Investors are concerned about the high tariffs that US President-elect Donald Trump intends to impose on goods coming from a number of countries, most notably China, as the Republican is scheduled to assume his powers in the White House on the twentieth of this month.
