Reported about 1 month ago
Iron ore prices are facing a significant downturn, marking their worst week since March, due to the ongoing challenges in China's steel market. Analysts indicate that weak steel consumption, exacerbated by a prolonged real estate slowdown and excess supply, will likely keep downward pressure on iron ore prices. Currently, iron ore futures in Singapore have dropped to $90.50 per ton, reflecting a projected 10.4% weekly decline as steel output cuts persist and demand remains tepid.
Source: YAHOO