March 23, 2018 / 2:02 AM / in 9 months

Chinese steel futures tumble on trade war fears

* Iron ore and steel tumble over 6 percent

* Trade war fears trigger selloff in commodities

SHANGHAI, March 23 (Reuters) - Chinese steel futures fell more than 6 percent on Friday amid escalating trade tensions between the United States and China, with iron ore and coking coal also down steeply.

U.S. President Donald Trump signed a presidential memorandum on Thursday targeting up to $60 billion in Chinese goods including steel with tariffs, but only after a 30-day consultation period that starts once a list is published.

China also unveiled plans to impose tariffs on up to $3 billion of U.S. imports in retaliation against U.S. move.

The most active rebar on the Shanghai Futures Exchange dropped more than 6 percent to 3,403 yuan a tonne in early trade, and was on track for a weekly fall of more than 8 percent.

Iron ore on the Dalian Commodity Exchange also fell more than 6 percent to 438 yuan a tonne by 0230 GMT.

Coke and coking coal fell more than 5 percent at 1,859 yuan a tonne and 1,217.5 yuan a tonne by 0230.

Iron ore for delivery to China’s Qingdao port .IO62-CNO=MB eased 7 cents at $67.18 a tonne on Thursday, according to Metal Bulletin.

Reporting by Ruby Lian and Josephine Mason; editing by Richard Pullin

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