Iron ore prices declined on Friday amid growing worries about a slowdown in global demand due to escalating trade tensions between the United States and China.
On the Singapore Exchange, October iron ore futures fell by 0.9% to $104 per ton as of 10:55 a.m. Mecca time, heading for weekly losses of more than 2%.
Meanwhile, the January 2026 iron ore contract on China’s Dalian Commodity Exchange slipped 0.2% to 771 yuan ($108.19) per ton, deepening its weekly decline to 3.1%.
Prices came under pressure as renewed concerns over China’s growth outlook resurfaced, after U.S. President Donald Trump threatened to impose an additional 100% tariff on Chinese imports in response to Beijing’s tighter restrictions on rare earth exports.