Market News
Iron ore declines on recovery in shipments, duties on Chinese steel - REUTERS
By Michele Pek
SINGAPORE, Feb 25 (Reuters) - Iron ore futures prices faltered on Tuesday, weighed down by a recovery in iron ore shipments, with increasing levies and legislations on Chinese steel exports putting further pressure on sentiment.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed down 2.17% at 813 yuan ($111.97) a metric ton.
The benchmark March iron ore on the Singapore Exchange was 2.23% lower at $105.95 a ton as of 0705 GMT.
A bipartisan group of U.S. lawmakers is introducing a legislation to address the impact of Chinese-supported companies moving portions of their production to other countries to circumvent American duties.
The legislation would also toughen anti-dumping rules.
This comes after the U.S. announced 25% tariffs on all steel imports earlier this month, with South Korea provisionally imposing tariffs on Chinese steel imports last week.
Meanwhile, Vietnam will impose a temporary anti-dumping levy on some steel products from China, according to a trade ministry document seen by Reuters.
