News

(Bloomberg) -- Iron ore resumed its decline on concerns that US President Donald Trump’s trade war could hurt global economic growth.

The steelmaking ingredient fell as much as 1% as traders assessed Trump’s country-specific negotiations. China, the world’s second-biggest economy, warned nations against striking trade deals with Washington that could hurt Beijing’s interests.

Iron ore futures retreated, after surging more than 2% on Monday on expectations that China may announce some stimulus measures. Prices have fallen in four of five sessions since Wednesday.

Prices in Singapore fell 0.8% to $98.60 a ton at 11:15 a.m. local time, while yuan—priced futures in Dalian edged lower. Shanghai steel futures also declined.