Iron ore futures surrendered early gains to trade lower on Wednesday, as sentiment was spooked by resumed market talks of China's plan of trimming crude steel output to rein in oversupply plaguing the industry.

Singapore iron ore futures experienced an upswing on Tuesday, fueled by optimistic projections of heightened demand from the steel industry. These expectations are tied to the anticipated resumption of production by steelmakers in northern China,

Iron ore prices have seen volatility in the last fortnight. This could be due to a combination of factors, the most critical being imposition of tariffs on certain Chinese steel products.

By Amy Lv and Lewis Jackson BEIJING (Reuters) -Singapore iron ore futures rose on Tuesday, driven by expectations of increased demand as steelmakers in the northern region of top consumer China are set to resume production following the conclusion of the annual parliament meeting.