Iron ore futures reversed earlier gains and declined on Tuesday as demand concerns grew following new steel tariffs announced by U.S. President Trump.
Futures had risen in the morning session due to supply disruptions caused by heavy rainfall and storms affecting iron ore and coal operations in northern Australia. Flood warnings were issued, raising concerns about further shipment delays this quarter.
However, market sentiment deteriorated after Trump announced a 25pct import tariff on all steel and aluminum entering the U.S., intensifying worries about potential obstacles to direct and indirect steel exports.
In the physical market, sentiment remained cautious. Major steel producer Baosteel raised domestic flat steel prices by USD 14 per ton for March deliveries, while Shagang kept long steel prices unchanged for sales from February 11-20.
On the Dalian Commodity Exchange, iron ore futures fell 1.1pct to 812 yuan (USD 111.1) per ton. Coke and coking coal futures dropped 1.51pct and 1.84pct to 1,727 yuan (USD 236) and 1,122 yuan (USD 154) per ton, respectively.
On the Shanghai Futures Exchange, rebar futures declined 1.95pct to 3,275 yuan (USD 448) per ton, while HRC futures fell 1.45pct to 3,387 yuan (USD 464) per ton. Wire rod futures dropped 1.41pct to 3,560 yuan (USD 487) per ton, and stainless steel futures slipped 1.05pct to 13,200 yuan (USD 1,807) per ton.
1 USD / 7.3 yuan
| Material | Closing Price (in yuan) |
Difference from Night Session (pct) |
Difference from Previous Morning Session (pct) |
| Wire Rod | 3,560 |
-1.41 |
-1.04 |
| HRC | 3,387 |
-1.45 |
-1.45 |
| Rebar | 3,275 |
-1.95 |
-1.71 |
| Stainless Steel | 13,200 |
-1.05 |
-1.06 |
| Iron Ore | 812 |
-1.10 |
-1.79 |
| Coke | 1,727 |
-1.51 |
-1.10 |
| Coking Coal | 1,122 |
-1.84 |
-2.23 |
