Reported 1 day ago
Iron ore prices have plummeted to their lowest level in over five weeks, dropping below $100 per ton as weak industrial profits in China raise concerns about the country's economic health. Despite an increase in profitability for steelmakers, overall industrial profits in China have fallen for four consecutive months, indicating a significant economic downturn. Iron ore futures hit a low of $98.95 per ton in Singapore, reflecting a 29% decrease this year, attributed to the ongoing economic slowdown, particularly in the property sector, and increasing supplies from Australia and Brazil.
Source: YAHOO