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SINGAPORE, Feb 27 (Reuters) - Iron ore futures closed lower on Thursday, weighed down by rising tariffs on Chinese steel, although solid demand for the steelmaking ingredient in top consumer China cushioned the downward trend.<\/p>\n
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trading down 0.8% at 805 yuan (US$ 110.77) a metric tonne.<\/p>\n
Benchmark iron ore for March on the Singapore Exchange was trading down 0.93% at US$104.9 a tonne.<\/p>\n
\nThe outlook for Chinese steel exports is uncertain as more countries impose tariffs on Chinese steel products.<\/p>\n
Following US President Donald Trump's decision earlier this month to impose tariffs of 25% on all steel products, Vietnam has announced a temporary anti-dumping duty on Chinese steel, with South Korea provisionally deciding to impose tariffs of up to 38% on imports of Chinese steel sheets.<\/p>\n
The EU is also considering restrictions on steel imports following Trump's tariff threats.<\/p>\n<\/p>\n
Still, daily crude steel output in mid-February among mills member of the China Iron and Steel Association (CISA) hit a seven-month high of 2.15 million tonnes, Chinese consultancy Mysteel said, citing CISA statistics.<\/p>\n
\nIn addition, imported iron ore sinter fines stocks fell by 3.8% on the week, indicating higher consumption of the steel raw material, Mysteel said in a separate note.<\/p>\n
Steel benchmarks on the Shanghai Futures Exchange rose. Rebar rose nearly 0.5%, hot-rolled coil rose 0.35%, wire rod rose 0.54% and stainless steel gained 0.69%.<\/p>\n
Other steelmaking ingredients in the DCE gained ground, with coking coal and coke rising 0.87% and 0.75%, respectively.<\/p>\n
($1 = 7.2675 Chinese yuan)<\/p>\n
\nReporting by Michele Pek; Editing by Sherry Jacob-Phillips<\/p>\n<\/p><\/div>\n