Iron Ore Futures Decline Amid US-China Trade Tensions; China's Manufacturing Data Offers Support

Iron ore futures experienced a decline for the sixth consecutive session on Monday, influenced by escalating trade tensions between the United States and China. The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) decreased by 0.75% to 796 yuan ($109.32) per metric ton. Earlier in the session, prices reached 788 yuan, marking the lowest point since January 16. The benchmark March iron ore on the Singapore Exchange fell by 0.15% to $103.1 per ton. These declines occurred amidst announcements from the U.S. regarding potential tariffs on Chinese imports, including steel and aluminum. However, upbeat Chinese manufacturing data, indicating faster growth in February, provided some cushion against the fall. A private-sector survey aligned with official PMI data, showing manufacturing activity expanding at the fastest pace in three months.