Iron ore futures rose to around CNY 736 per tonne on Tuesday, snapping a two-day losing streak as US President Donald Trump announced new tariff rates on 14 countries, easing some uncertainty in global markets. He also signed an executive order extending the reciprocal tariff deadline to August 1 from July 9, giving more time for negotiations. However, trade tensions lingered as Beijing warned Washington against reigniting frictions by reimposing tariffs on Chinese goods next month, and threatened countermeasures if China is excluded from key supply chains. Despite the geopolitical backdrop, iron ore prices remained near three-month highs, supported by China’s ongoing efforts to combat deflationary pressures and stabilize its steel sector. The Central Financial and Economic Affairs Commission recently called for tighter oversight of excessive price-cutting by firms, aiming to address persistent issues such as low profit margins and chronic overcapacity in the steel industry.
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