Iron ore retreats from 8-month high after Chinese port exemptions
Iron ore prices fell from their highest level since last February, as concerns about supply shortages due to new port fees in China faded.
Prices of materials used in the steel industry fell, on Tuesday, by 3.5% after the Chinese Ministry of Transport issued a statement ending the tariff rules and clarifying the types of ships that will be inspected, noting that United States ships, which were built in China, will be exempt from duties.
Futures fell Iron ore rose 3.2% to $104.30 per ton by 11:38 a.m. Singapore time, its largest daily decline since April.
Yuan-denominated futures also fell on the bourse. "Dalian"while steel futures fell in Shanghai.
Before the statement was issued, the market was evaluating the potential effects of the tariffs on bulk carriers – huge ships carrying iron ore and coal – heading to China, after Beijing responded to a similar American move.
Prices rose to $108.05 per ton yesterday, Monday, as prices rose to $108.05 per ton yesterday, Monday, as… Congestion Portsand potential restrictions Fears of disruption to supply flows.
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