Iron Ore Prices Surge as Trump Signals Softer Stance on China Tariffs

Iron ore prices surged as market sentiment improved after US President Donald Trump hinted at the possibility of reducing tariffs on China in the future.

The futures for the steel-making commodity increased as Trump highlighted that the existing tariffs were so substantial that trade between the two countries had almost come to a standstill. He also indicated that trade agreements with specific nations could be finalized as early as this week.

Iron ore, along with other industrial metals, has faced difficulties due to Trump’s elevated tariffs, raising worries about the economic repercussions and the risk of escalating global trade tensions. Recent futures have displayed weakness as demand in China remains tepid, anticipated cuts in steel production loom, and supply challenges are growing.

In Singapore, futures rose by 0.6% to $96.30 per ton at 9:55 a.m. local time, following a 2.7% decline last Friday. Chinese markets were closed in observance of a public holiday.

© 2025 Bloomberg

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