The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) added 0.14% to 733 yuan a metric ton, as of 0244 GMT. The benchmark August iron ore on the Singapore Exchange was 0.55% higher at $95.75 a ton, as of 0234 GMT.
Near-term consumption for iron ore remained firm, as reflected by the relatively high hot metal output, a gauge of iron ore demand, underpinning prices of the key steelmaking ingredient.
Also, supporting price was falling portside iron ore inventory which declined 0.4% from the week before to 144.04 million tons as of July 7, data from consultancy Mysteel showed. But price gains were limited by the resuming trade tensions worldwide.
Trump on Monday began telling trade partners - from powerhouse suppliers such as Japan and South Korea to minor players - that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year. Other steelmaking ingredients on the DCE were mixed, with coking coal up 0.54% and coke little changed.
