SINGAPORE (Reuters) -Iron ore futures faltered on Wednesday, pressured by tit-for-tat tariffs between the United States and top metals consumer China, outweighing optimism about improved demand for Chinese steel.
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed 1.34% lower to 771 yuan ($106.18) a metric ton.
The benchmark April iron ore on the Singapore Exchange was down 1.42% at $99.4 a ton, as of 0705 GMT.
U.S. President Donald Trump's doubling of duties on Chinese goods to 20% took effect on Tuesday, prompting swift retaliation from Beijing and spurring trade war concerns.
Beijing hiked import levies covering $21 billion worth of American agricultural and food products, and suspended the soybean import licenses of three U.S. firms and halted log imports.
