Reported 11 months ago
Iron ore prices have dropped to their lowest level in more than six weeks as a result of apprehensions regarding Chinese demand, impacted by an ongoing property crisis. The housing slump in China, now in its third year, is affecting the country's economy and exacerbating a liquidity crisis among developers. Iron ore futures in Singapore fell by 4.4% to $110.40 a ton, reaching their lowest point since April 17, amid concerns about weakening steel fundamentals and increased inventory pressure.
Source: YAHOO