Futures of the steel-making ingredient rose as much as 0.9%, as Trump teased the possibility of additional negotiations and delayed the new rates until Aug. 1 for all nations facing his “reciprocal” tariffs.
Ferrous markets have been sensitive to Trump’s tariff announcements as fears of an impact to global growth weigh on prices. Iron ore has shed around 12% since reaching a 2025 peak in mid-February, although prices got some support last week after China vowed to phase out outdated capacity.
Separately, inventory levels at major Chinese steel mills fell nearly 5% to 15.5 million tonnes in late June compared with mid-June, according to data from the China Iron and Steel Association. Still, volumes were about 5% higher than in the same period last year.
Futures in Singapore were up 0.8% to $95.95 a ton at 1 p.m. local time. Yuan-priced futures on the Dalian exchange also rose.
Meanwhile, most commodities on the London Metal Exchange were trading higher, with aluminium gaining 0.4% and copper up 0.1%.
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