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By Michele Pek
SINGAPORE (Reuters) - Iron ore futures fell on Friday to end monthly losses, weighed down by concerns over U.S. tariffs and growing trade frictions over China's steel exports.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed down 0.74% at 799.5 yuan (US$$109.72) a tonne. The loss for the month was 1.17%.
March benchmark iron ore on the Singapore Exchange fell 1,36% to US$103.65 a tonne, losing 1,94% in February.
US President Donald Trump said on Thursday that proposed tariffs of 25% on Mexican and Canadian goods will take effect on March 4, along with an extra 10% on Chinese imports.
Trump imposed a 10% tariff on Chinese imports earlier this month, resulting in a cumulative tariff of 20%.
Trump also announced plans to impose tariffs of 25% on all steel and aluminum imports, sparking a new wave of trade frictions against Chinese steel.
Vietnam announced a temporary anti-dumping duty on some Chinese steel products, while South Korea provisionally imposed tariffs on Chinese steel imports.
The US steel tariffs are also expected to disrupt the transshipment of Chinese steel, estimated at US$1.5 billion, hurting a vital source of sales for China's struggling steel sector, Reuters reported on Thursday.
Meanwhile, shortcomings in China’s consumer goods barter scheme, which could reduce spending on unsubsidized goods and reduce future spending, are increasing pressure on authorities to unveil consumer-friendly policies with a long-term impact when China’s parliament begins its annual meeting on March 5.
In addition, China's factory activity is expected to have contracted in February for the second month in a row, keeping alive calls for even more stimulus to prop up depressed local demand.
(Reporting by Michele Pek)
