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By Michele Pek<\/p>\n
SINGAPORE (Reuters) - Iron ore futures fell on Friday to end monthly losses, weighed down by concerns over U.S. tariffs and growing trade frictions over China's steel exports.<\/p>\n
The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed down 0.74% at 799.5 yuan (US$$109.72) a tonne. The loss for the month was 1.17%.<\/p>\n
March benchmark iron ore on the Singapore Exchange fell 1,36% to US$103.65 a tonne, losing 1,94% in February.<\/p>\n
US President Donald Trump said on Thursday that proposed tariffs of 25% on Mexican and Canadian goods will take effect on March 4, along with an extra 10% on Chinese imports.<\/p>\n<\/p>\n
Trump imposed a 10% tariff on Chinese imports earlier this month, resulting in a cumulative tariff of 20%.<\/p>\n
Trump also announced plans to impose tariffs of 25% on all steel and aluminum imports, sparking a new wave of trade frictions against Chinese steel.<\/p>\n
Vietnam announced a temporary anti-dumping duty on some Chinese steel products, while South Korea provisionally imposed tariffs on Chinese steel imports.<\/p>\n
The US steel tariffs are also expected to disrupt the transshipment of Chinese steel, estimated at US$1.5 billion, hurting a vital source of sales for China's struggling steel sector, Reuters reported on Thursday.<\/p>\n
Meanwhile, shortcomings in China\u2019s consumer goods barter scheme, which could reduce spending on unsubsidized goods and reduce future spending, are increasing pressure on authorities to unveil consumer-friendly policies with a long-term impact when China\u2019s parliament begins its annual meeting on March 5.<\/p>\n
In addition, China's factory activity is expected to have contracted in February for the second month in a row, keeping alive calls for even more stimulus to prop up depressed local demand.<\/p>\n
(Reporting by Michele Pek)<\/p>\n<\/p><\/div>\n