Iron ore prices steady on expectations of shrinking Chinese demand

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.