Iron ore declines on recovery in shipments, duties on Chinese steel

By Michele Pek SINGAPORE (Reuters) – Iron ore futures prices faltered on Tuesday, weighed down by a recovery in iron ore shipments and increasing levies and legislations on Chinese steel exports. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 1.14% lower at 821.5 yuan ($113.27) a metric ton as of 0246 GMT. The benchmark March iron ore on the Singapore Exchange was 1.49% lower at $106.75 a ton. A bipartisan group of lawmakers is introducing a legislation to address the impact of Chinese-supported companies moving portions of their production to other countries to circumvent American…