Iron ore prices have risen as market sentiment improved after US President Donald Trump indicated that he might consider lowering tariffs on China in the future.

The futures for this steel-making material increased as Trump remarked that the current tariffs were so substantial that trade between the two nations has almost come to a standstill. He also noted that trade agreements with specific countries could potentially be finalized as early as this week.

Iron ore, along with other industrial metals, has encountered difficulties due to Trump’s elevated tariffs, raising concerns regarding the economic implications and the possibility 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 increasing.

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

© 2025 Bloomberg

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