Iron ore futures climbed to approximately CNY 707 per tonne on Friday, maintaining a level near a three-week peak. This resilience persisted despite geopolitical tensions and uncertainty in global trade impacting overall market sentiment. The prices held firm even as the Middle East conflict intensified, following Israel’s preemptive strike on Iran’s nuclear facilities, which subsequently prompted retaliatory drone attacks from Tehran. Concurrently, apprehensions about U.S. trade policy continued to overshadow the market outlook, as President Donald Trump reaffirmed threats to impose unilateral tariffs to coerce foreign governments into renegotiating trade agreements. Additionally, the China Iron and Steel Association cautioned that an intensifying price war in the electric vehicle industry is straining steel producers. Reports indicate that automakers are pressuring suppliers to reduce prices for steel plates utilized in vehicle manufacturing, thereby compressing profit margins and potentially diminishing the demand for raw materials.
The material has been provided by InstaForex Company – www.instaforex.com
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